Will Dubai’s Digital Asset Regulation Function As A Magnet For Indian Crypto Startups?

March 10: With key players like Binance being on the verge of shifting their business to Dubai, the new regulation pertaining to digital assets would accelerate the growth of crypto industry in the emirate. The main objective behind this regulation is to create a framework which aims to protect investors and provide international guidelines that will facilitate growth in Dubai.

An independent authority has been established to supervise the creation of the world’s greatest virtual asset business environment in terms of legislation, licensing, governance, and alignment with local and global financial systems.

What does this mean for Indian crypto startups who are still facing regulatory issues in their own land? According to Advocate P.M. Mishra, founder of Finjuris Counsel FZ-LLC, UAE and Finlaw Consultancy Pvt. Ltd, India, it is expected that a major chunk of Indian crypto startups would move their business to Dubai due to the regulatory ambiguity regarding cryptocurrency industry in India. Considering the amount of people and businesses venturing into the crypto industry, his would cause a huge loss to the Indian digital asset industry as most of the revenue earned by Indian crypto startups would remain in Dubai.

Apart from that, the geographical location of Dubai is a lot more favorable due to the distance between India and UAE. This increases the ease of conducting business. To retain businesses in nexus with the crypto industry, it is very important for the government of India to take a proactive decision of bringing in an effective legislation to promote the interests of investors as well as entrepreneurs who wish to explore the arena of virtual digital asset industry.

It is high time that the government sheds clarity on its stand regarding cryptocurrency and regulates the market and its players in a manner that ensures both safety and profitability. There must be no room for exploitation of investors in the cryptocurrency space, says Advocate P.M. Mishra. (Finlaw Consultancy)

Business

The Lions’ Den Show Welcomes Dipak Sanghavi as the Investor to Shape the Future of Start-Ups

Only 2 percent of start-ups survive, and less than 0.2 percent scale up. Mumbai (Maharashtra) [India], May 17:  When the Lions’ Den, an upcoming reality show, was conceptualising, the key question they had to answer was, ” What problem are we trying to solve? “The answer to this question would define the design of the […]

Read More
Business

Leister India and Mipa Industries Jointly Organize a Groundbreaking Workshop on HDPE Geomembrane Welding Technology

Pune (Maharashtra) [India], May 17: In a significant stride towards advancing the realm of geomembrane welding technology, Leister India and Mipa Industries collaborated to organize an enlightening workshop titled “Active Workshop on HDPE Geomembrane Welding Technology.” Held on May 14th, 2024, at Iris Banquet, Dorabjee’s Royal Heritage Mall, NIBM Road, Pune, the event attracted industry […]

Read More
Business

Devangi Dalal: Leading the Way in Mompreneurship

New Delhi (India), May 17: Devangi Dalal, an outstanding Indian Audiologist and Speech-Language Pathologist, shines as a symbol of compassion and empowerment, especially for those dealing with hearing impairments. With more than 32 years of dedicated service, she has earned recognition both nationally and internationally. In her role as the Centre Director of Hearing Hearts, […]

Read More