Currently, in the current economic world, there are many companies and people who would like to engage in mining. You can make money in this way, all because hosted bitcoin mining is a rather popular way of investing and earning in the world of cryptocurrency trading. However, they often have questions regarding legislation, which in many jurisdictions has not always kept pace with technological developments. First of all, all business people and investors are interested in the answer to the question, is it legal to do this in the UAE? And if the answer is yes, then what sub-items should be taken into account in 2022 in order to really be able to mine successfully and, most importantly, to do it legally and without worries?
Mining in the UAE. Strategy using blockchain
UAE is one of the main mining markets as of 2022. All this, thanks to its newest strategy with the help of blockchain. Its peculiarity is that 50% of all transactions that belong to the sheikhs and the government, they try to control them with their own hands, this is at the same time very profitable, and allows you to know more or less what the economic situation in the country is. The position of the rulers is such that they would like Dubai to become the first city in the world and in history, which is completely dedicated to the use of blockchain as its basis. In that case, the government could control half of the transactions, so that they are not some kind of fraud, and could not worry about security either.
This strategy has, first of all, three main qualities that add coolness and confidence to it:
- First of all, it is the efficiency of online services and not using paper documents – this is primarily about the fact that the efficiency of creating a paperless digital layer increases for operations such as visa applications, bill payments and license renewals, but most importantly, for the use of mining as a business in this country, and especially in Dubai.
- The second point here is the creation of the industry market, it refers to the fact that different investors and companies will be allowed to independently create and open various businesses, but under the supervision of the government, however, everything will actually be allowed to them, primarily this concerns businesses related to banking, health care, transport, urban planning, intelligent energy, digital commerce, tourism and investment on the business of mining and his control.
- International leadership in the field of business is the third point of advantage of this strategy, its basis is that the city will allow the use of its mining and blockchain platform for its largest international partners, primarily this is done in order to increase the safety and convenience of international guests in Dubai. Those who will be in Dubai will be able to easily do most things, including opening a mining business or mining company, plus they get the chance to use wireless communication and pre-authenticated digital wallets and payments.
The third point absolutely clearly emphasizes that Dubai will be a leader in the field of blockchain and mining, and it will be quite deserved, and above all, legal. Due to this strategy, the efficiency of Dubai as a major trading city will be increased by 100%, while the world economy will decline, everything in the UAE will remain at a very high level.
Legality of cryptocurrency and mining in the UAE
The UAE also recently declared that they will try to create the most favorable conditions in the country for the incorporation of technology companies from Asia and Europe. In particular, fast-track business licensing and attractive housing options for employees are proposed. After all, the fact is that before this strategy, there were all kinds of loopholes in the laws of the UAE when someone tried to find information about cryptocurrencies, mining and bitcoins in general. That is why they are now trying very hard to develop the topic of the legality of mining in their country.
They want to strongly develop this topic, because it is known that the UAE administration is currently considering requests from about 300 blockchain companies and mining companies that would like to move here. First of all, they allocate prices for goods, for the same computers, processors, and most importantly, video cards, which are very, very necessary in order to mine cryptocurrency as much and as often as possible.
Also, companies allocate quite good and stable prices for electricity here, because they know that if some client or company wants to build their mining business here, then for this they will need a lot of power, and the power will produce and consume a lot of energy and electricity. That is why the UAE keeps the point of electricity prices also under its supervision and control of its changes.
According to the government, they plan to allow these companies to do business in their country, because they understand that this will bring not only business money, but also money to the UAE for even greater development, and they plan to achieve the desired goal within the next two years.
That is why mining service providers and popular crypto exchanges actively use the friendly regulatory environment to license their activities in the UAE, primarily due to the incredible development strategy and status of the UAE.