While cryptocurrencies have recently made their first steps into Wall Street over the past year, being an entrepreneur in the field is still difficult in not just regulation and compliance terms, but in many others. In this environment, some countries have made themselves havens for the up and coming industry. The EU, alongside other countries, have passed more lenient and simple regulations, yet still not comprehensive enough that make it possible for founders to move themselves and their families abroad together with their business. The UAE has been able to stand out as a beacon of hope in that perspective.
For that reason a business facilitation company such as OTC Business Services, a part of MNA Ventures, has been instrumental in making the transition to the UAE smooth and convenient for entrepreneurs and their families. Mostafa Nasser Al-Rashed, Executive Director of MNA Ventures, states that “Migrating any business overseas, and to a greater extent a cryptocurrency business, is not easy. Moving your entire family overseas at the same time can be a daunting task. For that reason, our team at OTC Business Services has been supporting these entrepreneurs for so many years. It’s not only about moving; it’s also about immersing yourself in the new local environment in terms of the best opportunities for the entrepreneurs’ families, their personal and professional networks, and their general experience of the Emirates.”
However, setting up a new business operation from the UAE is only the first step. Expats from countries like China, India, and Germany, who have moved to the UAE, often discuss how incorporating a company in the UAE was just the beginning for them. Dealing with the legal consequences of moving, both in the target country and the home country, can be a formidable task. Additionally, KYC (Know Your Client) and AML (Anti-Money Laundering) regulations have made it difficult to move funds easily. Moreover, navigating an endless web of often self-defined business consultants can make structuring a business optimally challenging.
“Unlike most business operations in the industry, we are a long-sighted, client-focused comprehensive business operation,” Al-Rashed notes. MNA Ventures has gathered extensive capabilities to care for its clients in the most thorough manner. “If a client calls us and tells us he is facing a legal challenge, we won’t just refer them to a good lawyer. Our in-group legal firm will work closely with the client, leveraging all we know about them already, to provide the most comprehensive solution we can find.” Al-Rashed does note that providing these services is not always that easy “The UAE has some regulatory issues that limit businesses as well,” explains Al-Rashed. “Local banks have been making it increasingly difficult to open bank accounts for cryptocurrency-related projects. We are aware of that and constantly use our network and capabilities to overcome that issue.”
To further simplify dealing with banking challenges, MNA Ventures has also started a new banking operation subsidiary, QBS, designed to cater to the specific needs of clients of the business group. “We know that venturing into banking is probably one of the boldest, yet visionary steps we have ever taken, but we are confident that just like anything else, it has a bright future ahead,” declares Al-Rashed.
“We are respectfully rejecting most new client inquiries,” Al-Rashed asserts, although that is a bit surprising at first. “Over the recent years, we have stopped onboarding new clients. Our client base is great and we are very proud to have them,” states Al-Rashed. “However, this is just the beginning, and our vision is to continue to grow from strength to strength.” Al-Rashed summarizes: “Our only focus is to make sure that our existing clients are taking advantage of the entire set of tools we have to offer, be it legal support, financial infrastructure optimization, or real estate investment with our subsidiaries such as 7th Key, and to continue to inspire them more than they can ever imagine.”
