Konstantin Tserazov

  he Case of the UAE, Saudi Arabia, Qatar, and Oman   When a company or an entrepreneur starts considering initiating fintech activities in Gulf countries, the first step should be to  understand the regulatory environment. This primarily involves understanding how to establish a business entity, obtain registration, and navigate the best tax conditions.   Additionally, the willingness of local government and non-governmental bodies to su pport fintech startups in gaining a solid foothold is crucial. Each Gulf country has its unique specifics in this regard. Another important aspect is the swiftly changing regulatory landscape in Gulf countries, making it essential to be regularly updated i n laws and regulations issues.   UAE   The UAE can be considered as the most attractive location for fintech activities in the region. In 2023, it joined the club of the top five hot world spots from the perspective of high net worth individuals seeking the  most fa...

  Financial inclusion is one of the most popular talking points in today's global society, and this is also true for Gulf countries.   The global volume of digital payments is on the rise, with each year more people gaining access to financial services through various devices. This surge is attributed to the proliferation of smartphones, increased internet penetration, and the emergence of fintech solutions.   However, around 1.7 billion adults globally still do not have access to a bank account, yet they manage to find out ways to utilize financial services. How? They increasingly rely on non-banking financial solutions brought to life by fintech startups. Nevertheless, there are specific issues within this movement that must be addressed.   Financial services are a central part of society, essential for everything from buying food to enjoying culture. Ensuring that everyone has access to and receives the right information about financial services is key to engaging...

  The dubious regulatory landscape for cryptocurrencies and blockchain in the USA has pushed global crypto firms to move to locations such as Gulf countries. In 2023, the volume of cryptocurrencies transacted in these countries rose by almost 50% on a yearly    At the forefront of this shift are the United Arab Emirates (UAE) and Saudi Arabia, both drawing crypto enterprises with their substantial populations and corresponding spending power. In terms of becoming a blockchain/crypto hub, whether it's due to regulatory steps to explore these innovations or because of more disposable income and openness to new developments in the financial realm, these factors seem to be attracting international businesses to relocate there. The UAE and Saudi Arabia are developed markets, and in this sense, they operate on the same playing field as Western countries.   UAE   In 2020, the Securities and Commodities Authority (SCA) released Act No. 23 on the Crypto Assets Activities...