Mrs. Amisha Prajapati.
Supporting the UAE cryptocurrency vision, Avyanco, a credible advisory for businesses setup in Dubai aims to help organizations obtain crypto and virtual asset licenses for a smooth online business transition. The UAE government has introduced a new law on the Regulation of Virtual Assets (VAL) to become one of the leading jurisdictions for potential investors who want to set up business in Dubai in blockchain technology and virtual spaces.
Crypto and blockchain technologies have tremendous potential to advance the global economy and trade. The UAE has recognized this potential and promoted the new business model shifts to virtual spaces like Metaverse. Avyanco fully supports UAE’s mandate to promote virtual currencies, metaverse and blockchain technologies to conduct businesses helping investors especially during company registration in Dubai while taking their entrepreneurship step in virtual spaces and trade through digital currencies like Bitcoin and more.
Dubai wants to be the leading hub for crypto and blockchain assisting new industries emerging around virtual assets. Under the new UAE law launched by Sheikh Mohammed bin Rashid Al Maktoum, VARA acts as the regulatory authority to supervise, manage, regulate and control virtual assets. The authority will hold responsible to set the regulations and governing the conduct of virtual assets like NFTs and more.
To set up a cryptocurrency business in the UAE investors need to obtain a commercial license to trade in Crypto. With a crypto license in Dubai, businesses can buy, sell, and trade crypto commodities built on distributed ledger blockchain.
Mrs. Amisha Prajapati CEO of Avyanco says: “Using digital technologies like blockchain – businesses can commit significant investment in resourcing and financial terms to produce products and services that will help promote brand experience, business efficiencies and generate higher revenues. Avyanco aims to facilitate potential investors to have successful business setups in digital ecosystems under the UAE rules and regulations.”
The core purpose of the VARA legislation is to provide a legal framework for companies dealing with digital assets and cryptocurrencies in numerous formats like decentralized finance projects (DeFi), non-fungible tokens (NFTs), crypto tokens and more.
The scope of the law is spacious reflecting “a digital representation of value which can be used as an exchange, transferred, digitally traded, or used for investment purposes. This also includes tokens, cryptocurrencies, non-fungible-tokens and any other virtual asset categorized by VARA.”
“Dubai’s virtual business landscape is continuously emerging with the latest announcements like VAL. Under the new law – businesses that want to trade in different digital tokens like NFTs are required to obtain their commercial licenses first from the relevant regulatory authority in Dubai.
Avyanco helps potential investors to streamline the entire process from documentation to acquiring their commercial licenses in just a few days.” Says Director of Sales, Cheryl Dssouza at Avyanco.
The outcome will boost engagement with blockchain technologies in Dubai and across UAE. This increase in engagement will be observed in the institutional, wealthier and corporate sectors.
Avyanco having a clear vision supported by regulatory frameworks and practical policies in multiple areas including digital assets, blockchain and metaverse encourage aspiring investors and entrepreneurs of SMEs and startups to acquire virtual asset license and have a successful transition into the digital landscape.
Investors who want to shift to the virtual spaces or conduct businesses through blockchain technologies will have an opportunity to save a lot of money for their company registration in Dubai. UAE governments ensure to provide an effective and beneficial ecosystem for businesses to become a global economic business hub. There is no tax or income tax in UAE at the moment. However, UAE residents may have to pay a 9% corporate tax that will effect from June 2023. Thus, Dubai remains a promising place to start and conduct business.
“Dubai with recent regulatory developments like VARA and the recently registered cryptocurrencies like Binance, Bitoasis and more gains the global recognition offering people to business and trade in cryptos and earn high-end revenues. Avyanco makes sure to help businesses get their trade licenses and establish businesses in blockchain technologies easily and smoothly.” Anisha Jose Says Business Advisory Consultant at Avyanco.
Another benefit of establishing the virtual business in Dubai is that the country acts as a magnet for businesses due to its corporate-friendly policies, ultra-low taxation environment, low compliance with taxation, convenient time zone, and reputable regulation. Moreover, cryptocurrencies significantly lower a business’s running costs as well as they don’t have a service fee. Hence, it makes it a beneficial transaction method for businesses operating in UAE.
Moreover, despite the senders’ and receivers’ geographical locations, the transactions are conducted in real-time. Hence, crypto and virtual transfers whether in Bitcoin or other crypto tokens, are considerably cheaper than traditional transactions.
Entrepreneurs who already decided to shift their businesses into virtual spaces and trade in cryptocurrencies might consult with a credible business advisory for mandatory documentation, obtain a commercial license and start their business successfully.
Avyanco is the trusted business setup consultancy in Dubai, UAE working actively to help businesses obtain commercial and trade licenses easily and successfully. Team Avyanco ensures to streamline the whole process from documentation to the approval of business activity from the regulatory authority to acquiring a trade license in just a couple of days.