US Crypto Policy Under Trump Unlikely to Slow UAE Momentum, Says DRIFE Co-Founder

A co-founder of blockchain-based experience hailing believes the United Arab Emirates (UAE) crypto momentum won’t be considerably affected by a brand new Donald Trump administration.

Co-founder says: ‘UAE is not only a fallback choice’

A brand new Donald Trump administration may create a extra favorable crypto surroundings, however Firdosh Sheikh, co-founder of DRIFE, doubts {that a} US coverage change can have a big influence on the UAE’s momentum. Firdosh argues that the Center East, and the UAE particularly, has constructed a strong basis that’s not solely depending on geopolitical adjustments elsewhere.

The area’s emphasis on supporting entrepreneurs by means of initiatives comparable to visas for startup founders and tech expertise has created aggressive benefits which might be resistant to political shocks, Firdosh advised Bitcoin.com Information. The introduction of progressive frameworks has additionally enabled startups to function legally in an surroundings conducive to innovation.

Firdosh cited DRIFE, a blockchain-based ride-hailing platform, for example. The corporate entered into discussions with regulators who have been receptive due to their information of the expertise. She additionally claimed that the ride-hailing platform’s alignment with the UAE’s broader targets of making a fairer, extra inclusive financial system additionally appealed to regulators, in the end permitting DRIFE to function within the area.

Firdosh’s feedback come amid considerations that Trump’s return, alongside together with his pro-crypto cupboard, may spell hassle for the UAE and different nations which have benefited from the Biden administration’s perceived anti-crypto stance. Current surveys and studies have proven that the UAE, together with Hong Kong and Singapore, are seen as areas providing a haven to entrepreneurs and builders pissed off by US insurance policies.

For instance, in a Henley & Companions examine on the very best funding migration program choices for digital asset buyers, Singapore ranked first, adopted by Hong Kong and the UAE. The US was in fourth place. Some observers consider a Trump administration may catapult the US to the highest.

Nonetheless, Firdosh disputes the concept that the UAE’s rise as a number one crypto hub is solely as a consequence of its pro-crypto insurance policies. As a substitute, she attributes the area’s success to its emergence as a hub for enterprise capital and personal fairness targeted on rising markets, which attracts startups on the lookout for funding. Firdosh added:

Even because the US turns into extra crypto-friendly beneath Trump, the distinctive benefits the UAE gives – together with its strategic location, world connectivity and investor-friendly surroundings – ​​will make sure the nation stays a best choice for entrepreneurs within the blockchain and Web3 sectors. . The UAE is not only a fallback choice; it’s a proactive alternative for these seeking to construct and scale sustainable companies in a quickly evolving world market.

The DRIFE co-founder added that slightly than viewing the return of the brand new US president as worrisome, the area ought to capitalize on its place by fostering regional collaborations and advancing cross-border crypto and blockchain initiatives. For entrepreneurs seeking to launch and develop a profitable startup within the Center East, Firdosh inspired constructing relationships throughout the ecosystem and leveraging government-backed initiatives.

She additionally suggested them to give attention to creating options that align with the area’s progressive strategy to expertise and innovation.