Pandemic Leads Crypto Entrepreneur to New Headquarters

Life gave crypto businessman Ilman Shazhaev lemons when he got stuck in Dubai in the wake of the COVID-19 lockdowns. But, as the old saying goes, he “made lemonades” by recognizing the opportunities in the country.

In a Coin-Crypto interview, Shazhaev shared that he was stranded in the Middle East during the country’s pandemic lockdowns. But he soon realized it was a blessing in disguise.

“At first it was a coincidence – I got stuck in Dubai during the lockdown. I quickly realized that this is the best place to do business internationally: very clear business regulations plus an excellent environment for entrepreneurs.”

When asked why he decided to move and start businesses in Dubai, the tech executive cited the strength of the city’s regulations. Shazhaev says that “the main point is that the local regulations work as they should: neither money nor connections can help you avoid punishment if you break the law.”

Apart from that, the businessman also mentioned the advantages of IT-related companies in terms of taxes. “For me, the best news is that since the government is deeply interested in helping the IT world evolve, such companies are tax-exempt,” he said.

Ilman Shazhaev, Executive Chairman of OneBoost and CEO of Farcana Metaverse.

In the beginning, the entrepreneur also encountered several difficulties in doing business in the region. Being a multicultural venue, Shazhaev says it took some effort to adapt. “It took some effort to adapt to the mindset of the local business community, because there are many different nationalities here,” says Shazhaev.

“Communication was difficult in the beginning. But after the first few deals I got the hang of it and it became easy for me to do business.”

Related: The Crypto Oasis: How the UAE Became the Champion of Digital Assets in the Middle East

The businessman also compared his experience within Dubai with other countries in which he operated. “I have been part of crypto companies in China, Indonesia, Russia and Hong Kong. Unlike in these countries, there is no bureaucracy in the UAE,” said the tech executive.

Shazhaev runs a digital wealth management company called OneBoost. In 2019, he transferred operations to the UAE. After a while, he launched another company called Farcana Metaverse in Dubai.

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