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Life gave crypto businessman Ilman Shazhaev lemons when he obtained caught in Dubai within the wake of the COVID-19 lockdowns. Nonetheless, just like the outdated adage, he “made lemonades” by recognizing the alternatives within the nation.
In a Cointelegraph interview, Shazhaev shared that he obtained stranded within the Center-Japanese nation through the pandemic lockdowns. Nonetheless, he quickly realized that it was a blessing in disguise.
“At first, it was a coincidence — I obtained caught in Dubai through the lockdown. Quickly sufficient, I noticed that that is one of the best place to conduct worldwide enterprise: very lucid enterprise laws plus a superb surroundings for entrepreneurs.”
When requested why he determined to relocate and launch companies in Dubai, the tech government talked about the power of the town’s laws. Shazhaev says that “the important thing level is that the native laws work as they need to: Neither cash nor connections will help you keep away from punishment in the event you violate the legislation.”
Aside from this, the businessman additionally talked about some great benefits of IT-related companies with regards to taxes. “For me, one of the best information is that because the authorities is strongly all for serving to the IT-sphere evolve, such corporations are exempt from taxes,” he mentioned.
At first, the entrepreneur has additionally confronted a number of difficulties whereas doing enterprise within the area. Being a multi-cultural location, Shazhaev says it took some effort to adapt. “Adapting to the native enterprise mindset took some effort as a result of there are a number of completely different nationalities right here,” says Shazhaev.
“Communication was tough at first. However after the primary few offers, I obtained the hold of it, and enterprise obtained straightforward for me.”
Associated: The crypto oasis: How the UAE turned the Center East’s digital asset champion
The businessman additionally in contrast his expertise inside Dubai to different international locations that he operated in. “I’ve been part of crypto corporations situated in China, Indonesia, Russia and Hong Kong. In contrast to in these international locations, there isn’t a forms mess within the UAE,” mentioned the tech government.
Shazhaev runs a digital asset administration firm referred to as OneBoost. In 2019, he transferred the operations to the UAE. After some time, he launched one other enterprise referred to as the Farcana Metaverse in Dubai.
