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Pandemic leads crypto entrepreneur to new business headquarters

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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. Nevertheless, just like the outdated adage, he “made lemonades” by recognizing the alternatives within the nation.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-Jap nation through the pandemic lockdowns. Nevertheless, he quickly realized that it was a blessing in disguise.

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“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 rules plus a superb setting for entrepreneurs.”

When requested why he determined to relocate and launch companies in Dubai, the tech govt talked about the strength of the city’s regulations. Shazhaev says that “the important thing level is that the native rules work as they need to: Neither cash nor connections may help you keep away from punishment should you violate the legislation.”

Other than this, the businessman additionally talked about some great benefits of IT-related companies in relation to taxes. “For me, one of the best information is that because the authorities is strongly involved in serving to the IT-sphere evolve, such corporations are exempt from taxes,” he stated.

Ilman Shazhaev, govt chairman of OneBoost and CEO of Farcana Metaverse.

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 loads of completely different nationalities right here,” says Shazhaev.

“Communication was troublesome at first. However after the primary few offers, I obtained the grasp of it, and enterprise obtained simple for me.”

Associated: The crypto oasis: How the UAE became the Middle 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. Not like in these international locations, there isn’t a paperwork mess within the UAE,” stated the tech govt.

Shazhaev runs a digital asset administration firm known as OneBoost. In 2019, he transferred the operations to the UAE. After some time, he launched one other enterprise known as the Farcana Metaverse in Dubai.