Dubai has quickly become one of the world’s crypto-hubs following the introduction of efficient digital asset-friendly regulation.
In this column, we will explore how the emirate, with daily temperatures rising to 42°C in the summer, features optimal conditions for crypto mining businesses.
Dubai: The New Crypto Hub
With high temperatures and humidity, it’s safe to say that Dubai’s climate is not the most optimal for operating delicate electronics, like the equipment needed for crypto mining.
However, many entrepreneurs – myself included –are building their mining centers in the emirate. And not without reason.
Passed in late February and enacted on March 11, Dubai’s Virtual Asset Law (VAL) has established an efficient, clear, and crypto-friendly regulation around the digital asset sector.
With the oversight of the independent Dubai Virtual Assets Regulatory Authority (VARA), the new framework transforms the emirate’s cryptocurrency industry from a legal gray zone into a fast-growing global hub that facilitates innovation and development with an open approach.
Furthermore, while the UAE plans to introduce a 9% federal corporate tax on business profits from June 2023 on taxable income above 375,000 AED ($102,000) outside free zones, this rate is much lower than what most nations charge, and it is well below the worldwide average of 23.54%.
In addition to low taxes, Dubai features one of the best labor forces globally, which comes in especially handy when you are building a technology company.
In terms of crypto mining
