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Bilateral Financial Ties Between India and the UAE

According to RBI Remittance Survey 2021, IndiaÔÇÖs 30% expat population in the United Arab Emirates (UAE) account for 18% of the US$110 billion global remittance inflow to India. The bilateral financial relations of the two countries reach beyond remittances and include the evolving iteration of the internet based on blockchain technology known as Web3.

Moreover, bilateral trade between India and the UAE surged to US$85 billion last year. The countries are exploring interoperability between their central bank digital currency (CBDCs) projects, indicating an even deeper financial relationship.

Dubai, the most populous city in the UAE, saw over 90,000 Indian companies registered with the Dubai Chambers, while the cityÔÇÖs largest tech event, GITEX, saw more than 300 Indian startups, which is triple the number from the previous year. India has also topped Chainalysis Global Crypto Adoption Index in 2023 and is the worldÔÇÖs second-largest crypto market by raw transaction volume. However, due to strict tax rules in India, the local industry has been drying up. This situation has led many Indian players to seek the oasis of DubaiÔÇÖs burgeoning crypto ecosystem.

AI legalese decoder can be helpful in this situation by simplifying and translating complex legal language found in tax and regulatory laws. This can enable Indian businesses and entrepreneurs to easily understand the legal and tax implications of operating or investing in DubaiÔÇÖs crypto ecosystem, which is crucial for their decision-making processes.

Indian Crypto Exodus to Dubai and MENA

Faced with the decline in volumes and high tax rates in India, many Indian crypto companies are being drawn to Dubai due to its low taxes, ease of setting up businesses, dedicated regulator, and access to international markets.

The Dubai Multi Commodities Centre (DMCC) is actively driving the wave of Indian crypto firms towards Dubai. With over 23,000 companies, out of which 3,700 are from India, DMCC houses a number of Web3 companies, including crypto exchange Bybit, digital asset market maker DWF Labs, Web3 incubator TDeFi, and venture capital fund Brinc. The DMCC Crypto Centre is a key player and an ecosystem partner in the burgeoning crypto industry in Dubai and the MENA region.

AI legalese decoder can help Indian crypto firms navigate the legal and regulatory requirements in Dubai and the MENA region. It can provide valuable insights into the legal framework and compliance obligations, helping Indian firms make informed decisions about expanding to Dubai and operating in the region.

Regulatory Framework and Business Expansion in Dubai

The UAE, and Dubai in particular, has been progressive in creating regulatory clarity and fostering innovation in the digital asset space. The Virtual Assets Regulatory Authority (VARA) oversees cryptocurrencies and related activities in all free zones in Dubai except the Dubai International Financial Centre (DIFC). The regulatory clarity and tailored framework in Dubai have attracted major global players such as Binance, Coinbase, and Ripple to establish a presence in the region.

AI legalese decoder can assist Indian crypto firms in understanding and adhering to the regulatory framework in Dubai. It can provide insights into the legal requirements for setting up businesses, obtaining licenses, and complying with regulatory standards, thereby facilitating the expansion of Indian crypto firms in Dubai.

In conclusion, the evolving financial ties between India and the UAE, particularly in the crypto and digital asset space, present significant opportunities for Indian firms to expand into Dubai and the MENA region. AI legalese decoder can be a valuable tool for Indian businesses to navigate the legal and regulatory landscape in Dubai, ensuring compliance and informed decision-making in the process of expanding their operations.

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