It was perhaps inevitable that the recent Crypto Expo Dubai would enjoy notably high attendance levels. The event, after all, was staged in the wake of the announcement of a series of government‑backed initiatives aimed at establishing the United Arab Emirates (UAE) as a major global centre for crypto assets – one supported by a range of incentives geared towards attracting overseas investors and by the implementation of a clear, industry‑friendly regulatory framework.

Acknowledging this, Helal Saeed Almarri, Executive Board Chairman of the recently established Virtual Assets Regulatory Authority (VARA), has gone on record as saying: “The VARA’s mission is to establish the Emirates as the capital of the future economy, one anchored by the metaverse, AI, Web 3.0 and blockchain.”

Drawn by the clearly positive outlook for growth in the UAE digital‑assets sector, exhibitors at the event included many of those involved directly in crypto and blockchain. In addition, though, there was also a substantial contingent from the many traditional business sectors looking to tailor their goods and services in line with the emerging opportunities offered by this new digitally‑centric economy.

Among this latter group was Ramms Advisors, a Dubai‑headquartered document‑processing specialist. Essentially a company that helps businesses set up in the UAE by consulting on the various licences required for them to operate, it sees substantial opportunities opening up in the crypto space.

Expanding upon this, Managing Director Prasad Pawar said: “We’ve been operating in this market for about 12 years and have helped many IT companies set up in the Emirates. Overseas companies that offer or trade in crypto assets setting up here often need licences – not only locally, but also from overseas – to trade those assets and we can help with that.

“We can also help when it comes to setting up corporate structures that comply with the various regulatory environments relating to trade. Certain companies, for example, may need to set up in Mauritius, Cyprus, the Seychelles or Hong Kong – locales where they can secure a broker licence – and then open a UAE representative office in order to trade here.”

Another company keen to stake its claim in the sector was Abode Options, a business that helps with the processing of second passports and the securement of residencies, while operating out of both Dubai and the Seychelles.

Explaining the relevance of the digital currency sector to the business, Company Representative Jehan Z Bhat said: “Demand is definitely going up for overseas passports and residency, with our most popular packages tending to be focused on the Caribbean, most notably Antigua and Barbuda, Dominica, Grenada, St Kitts and St Lucia.

“One of the key concerns of our clients is just how soon they can secure a new passport. In addition, the cheaper transaction costs of crypto payments and crypto’s relative anonymity also appeal to some of our clients.”

Taking quite a different slant on the sector was Qlindo, a Vienna‑headquartered business looking to combine crypto and sustainability. At this year’s event, it was promoting an eponymous digital token underwritten by an investment fund dedicated to green real estate and renewable energy projects.

Outlining its offer, company shareholder Josef Surböck said: “Investments in Qlindo, which can be made via crypto, are pooled in a professionally managed fund and then allocated across our portfolio of green real estate and energy projects.

“We evaluate all potential assets prior to purchase, rating them according to their level of ‘greenness’. While investors don't get dividends, the fund's success boosts the value of the associated tokens, which stakeholders are then free to trade.”

By contrast, New Delhi‑headquartered Zex PR Wire was looking to build its share of the apparently lucrative crypto services and digital token market communications sector. Detailing the niche the business is targeting, Design Lead Lakshay Gupta said: “As a PR news distributor, we are actively targeting the growing crypto business universe. Many crypto firms have a strong need for publicity and, as a result, the sector has evolved a wide range of dedicated media that we understand and specialise in.

“The crypto sector also seems to like our easy‑to‑use SaaS model, which allows you to just tick all the outlets you wish to send your release to. As a sign of our commitment to the sector, we are looking at opening a Dubai office to help us service it more comprehensively.”

The 2023 Crypto Expo Dubai took place from 8-9 March at Dubai Festival City’s Festival Arena.

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