Running to Dubai 🏃♀️A Parallel Universe in India?
Everyone is packing bags for Dubai! Explore an artistic journey at Ahmedabad's Parallel Universe. What did Logan Paul do now? Web3 products to earn rewards while paying and monetizing content!
Why are crypto techies packing bags for Dubai? 🤔 What is the Dubai Magnet effect for entrepreneurs? Also, what web3 product turns everyday bills into rewards? Too many questions, but we’ve got the answers! Let’s dive in. 👇
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Why are Indian Cryptocurrency Firms Moving to Dubai?
🤔 Let’s cut to the chase: Indian crypto companies are turning to Dubai because of its favourable regulations! Unlike India's strict tax laws and uncertain regulations, Dubai provides clear and supportive policies for cryptocurrency businesses.
In 2021, the UAE contributed 18% of India's total remittance inflow, according to the RBI Remittance Survey. India received $110 billion in remittances from around the world in 2022, a 24% rise from the year before.
This year, the World Bank forecasts a smallerincrease in remittance inflow to India, mainly due to global economic challenges affecting Indian expatriates.
🥊 Indian Firms Facing Challenges
Taxation and Regulatory Hurdles: Web3 and crypto companies in India are struggling with tough taxes and rules. The 2022 Finance Act brought in a high tax rate, causing traders to move to overseas platforms and unofficial markets. This shift is making it harder for Indian platforms that follow the rules to protect their customers.
Need for Progressive Regulation: Business experts are pushing for rules that better support new ideas. A report by NASSCOM shows that many Indian Web3 startups are set up abroad but hire people in India. To solve industry issues, make things clearer, keep users safe, and boost new developments in blockchain, we need forward-thinking regulations.
🧲 Dubai's Business Environment Magnet Effect!
Business-Friendly Policies: Dubai offers a great environment for businesses, with low taxes and easy setup. It has a special regulator called VARA for digital assets like cryptocurrencies. VARA gives clear rules and guidelines to help these businesses understand what to do, reduce risks, and provide a stable market.
Strategic Location and Global Access: Dubai's strategic geographical location offers access to key global markets. It serves as a gateway for Indian crypto firms to expand internationally, tapping into markets in Asia, Europe, and beyond.
Growing Trend of Indian Companies in Dubai: The growing presence of Indian companies at major Dubai tech events like GITEX and the increasing registration of Indian firms in Dubai indicate a significant shift towards the UAE for technology and innovation growth.
So, what's next? Is Dubai set to become the new go-to place for India's tech talents, much like Silicon Valley?
What is your take on this discussion? Let us know in the comments below
Breaking Boundaries in Design The 2023 Spacekayak Wrapped
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Creatives embarked on a spiritual and artistic journey at Ahmedabad's 'Parallel Universe' art exhibition, showcasing NFT art that merged Korean and Indian creativity. The exhibition was held from January 5th to 7th and was presented by the Meendart Project Team. Through mesmerizing artworks, this unique showcase explored the themes of world peace and alternate realities. The exhibition featured a diverse blend of artists such as hedon139, LegitBricks and Chodukho Archive.
Pune police have arrested Prashant Brahmbhatt, the alleged mastermind behind a multimillion crypto fraud involving 'Buxcoin.' Through Bitsolives, Brahmbhatt conducted seminars across India, luring investors with high returns. Over Rs 1 crore was fraudulently obtained from Pune residents alone. Brahmbhatt, apprehended after returning from Dubai, is linked to 33 cases nationwide. Investigations revealed fraudulent investment portals promising substantial returns.
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Let’s get into Posty’s fresh pecks from the world of web3!
🇮🇳 Gomi Mall introduces Gomdori GOMD tokens in India, revolutionizing e-commerce with a buy-to-earn Web3 concept, empowering customers through rewarding online shopping experiences.
🤔 Logan Paul proposes refunds for CryptoZoo NFT buyers, with a condition prohibiting legal action against him, following allegations of a fraudulent project.
🪂 Saga announces a SAGA token airdrop for Polygon, Avalanche, Cosmos, and Celestia stakers ahead of its blockchain launch, excluding U.S. residents from eligibility.
🇯🇵 Japanese e-commerce giant Mercari integrates Bitcoin payments for flea market purchases, fostering crypto adoption and converting BTC transactions to yen in real-time.
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