International blockchain development company HashCash Consultants is optimistic about making a positive impact in UAE and the quickly developing crypto-blockchain sector in the Middle East. Current legislations reflect the region’s interest shifting towards cryptocurrencies, metaverse, and other innovations brought forward by blockchain.
UAE: An Oasis with Crypto-Friendly Legislation
Setting its sights on becoming the blockchain capital of the Middle East, the United Arab Emirates has already incorporated a legal framework that expedites blockchain and crypto operations across its borders. The DMCC (short for Dubai Multi Communities Centre) issues unique free zone permits that legitimize blockchain and crypto development companies. The ruling government also constructed a Crypto Oasis, a special zone exclusively dedicated to cryptocurrencies.
Eminent blockchain pioneer and HashCash CEO Raj Chowdhury has applauded UAE’s crypto-supportive policies, stating, “UAE is attracting global attention as a hub for blockchain innovation. HashCash looks forward to participating and making a contribution towards progress with its expertise in blockchain, crypto, and fintech development.”
A Planned Shift from Fossil Fuels to Blockchain Tech
The Middle Eastern region was among the earliest patrons of the worldwide crypto revolution, initializing a government regulatory body way back in 2018. Several free zones with decreased taxation have been built across Abu Dhabi, Dubai, and other corners of the UAE, under the regulation of the Securities and Commodities Authority (SCA). The rapid progress reflects the region gradually shifting its priorities from finite oil to cutting-edge fintech.
“One of the biggest market disruptors in modern-day innovations, blockchain technology will soon become omnipresent owing to its wide scope of applications. Market forecasts indicate similarly, and the rising demand for blockchain solutions will soon transform into a necessity,” mentioned Chowdhury.
Multi-billion Dollar Saudi Investments in Metaverse and Crypto
The crypto craze spread across to other Middle-Eastern nations as well. The latest LEAP technology forum held in Riyadh saw over $6.4 billion worth of investments in the metaverse, cryptocurrencies, blockchain, and other advanced innovations. In addition to private corporations, the Saudi state-owned Aramco also made billion-dollar investments in developing metaverse, signifying the nation’s gradual shift towards alternate revenue sources.
The Middle East has already started its transition from an oil-centric economy to becoming the world leader in blockchain tech and cryptocurrencies. Delivering products exceeding expectations, HashCash looks to contribute and make a positive impact through collaborations with business enterprises venturing into the realm of blockchain and cryptocurrencies.