Life gave crypto entrepreneur Ilman Shazhaev lemons when he was stuck in Dubai in the wake of COVID-19 lockdowns. However, as the old adage goes, he “made lemonade” by recognizing the country’s opportunities.
In a Cointelegraph interview, Shazhaev shared that he was stranded in the Middle Eastern country during the pandemic lockdowns. However, he soon realized that it was a blessing in disguise.
“At first, it was a coincidence: I was stuck in Dubai during the lockdown. Very soon, I realized that this is the best place to do international business: very clear business regulations as well as a great environment for entrepreneurs.”
When asked why he decided to move and open a business in Dubai, the technology executive mentioned the strength of the city’s regulations. Shazhaev says that “the key point is that local regulations work as they should: neither money nor connections can help you avoid punishment if you break the law.”
Apart from this, the businessman also mentioned the advantages of IT-related business when it comes to taxes. “For me, the best news is that since the government is very interested in helping the IT sphere evolve, these companies are exempt from taxes,” he said.
In the beginning, the entrepreneur has also faced several difficulties doing business in the region.. Being a multicultural place, Shazhaev says it took some effort for him to adjust. “Adapting to the local business mindset took a bit of effort because there are so many different nationalities here,” says Shazhaev.
“Communication was difficult at first. But after the first deals, I got the hang of it and the business became easier for me”.
The businessman also compared his experience within Dubai with that of other countries in which he operated. “I have been part of cryptocurrency companies located in China, Indonesia, Russia and Hong Kong. Unlike these countries, there is no bureaucratic clutter in the United Arab Emirates,” the tech executive said.
Shazhaev runs a digital asset management company called OneBoost. In 2019, he transferred operations to the United Arab Emirates. After a while, he launched another business called Farcana Metaverse in Dubai.
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