Life turned crypto businessman Ilman Shazaev a lemon when he was stuck in Dubai in the wake of the COVID-19 lockdown. However, like the old saying, he “made lemonade” by recognizing the opportunities in the country.
In a Cointelegraph interview, Shazev shared that he was stranded in the Middle-Eastern country during the pandemic lockdown. However, he soon realized that it was a blessing in disguise.
“At first, it was a coincidence – I was stuck in Dubai during the lockdown. Soon, I realized that this is the best place to do international business: very clear business rules and an excellent environment for entrepreneurs.
When asked why he decided to move and launch businesses in Dubai, the tech executive mentioned the strength of the city’s regulations. Shazev says that “the key point is that local regulations work as they should: Neither money nor connections can help you avoid punishment for violating the law.”
Apart from this, the businessman also mentioned the benefits of IT related businesses in terms of taxes. “For me, the best news is that since the government is very interested in helping the IT sector grow, such companies have been exempted from taxes,” he said.
Initially the entrepreneur also faced many difficulties while doing business in the area. Being a multi-cultural place, Shazev says it took some effort to adapt. “It took some effort to adopt a local business mindset because there are so many different nationalities out there,” Shazev says.
“Communication was difficult at first. But after the first few deals, I understood it and business became easier for me.”
Connected: Crypto Oasis: How the UAE Became the Digital Asset Champion of the Middle East
The businessman also compared his experience within Dubai to other countries he worked in. “I have been part of crypto companies based in China, Indonesia, Russia and Hong Kong. Unlike these countries, there is no bureaucratic mess in the UAE,” said the technical executive.
Shazaev runs a digital asset management company called OneBoost. In 2019, he shifted operations to the United Arab Emirates. After some time, he started another business called Farkana Metaverse in Dubai.
