As the co-founder of a blockchain-based ride-hailing platform, Firdosh Sheikh believes that the United Arab Emirates (UAE) will continue to thrive in the crypto space, regardless of any changes brought on by a new Donald Trump administration.
UAE’s Strong Foundation in Crypto
Despite potential shifts in U.S. policies under a new administration, Firdosh Sheikh remains confident in the UAE’s crypto momentum. Sheikh asserts that the UAE, particularly the Middle East, has established a solid foundation that is not solely reliant on external geopolitical factors.
The UAE’s support for entrepreneurs through initiatives like startup visas and tech talent programs has created a competitive edge that is resilient to political changes, Sheikh told Bitcoin.com News. The implementation of progressive regulatory frameworks has also enabled startups to operate within a legal framework that fosters innovation.
Sheikh pointed to DRIFE, her blockchain-based ride-hailing platform, as a prime example of successful engagement with regulators in the UAE. By aligning with the country’s goals of fostering a fair and inclusive economy, DRIFE was able to navigate regulatory hurdles and operate effectively in the region.
Sheikh’s comments come at a time when concerns are raised about the potential impact of a Trump administration on countries that have benefited from the Biden administration’s crypto-friendly stance. Surveys and reports have highlighted the UAE, along with Hong Kong and Singapore, as attractive destinations for entrepreneurs and developers seeking a crypto-friendly environment.
While some speculate that a Trump administration could elevate the U.S. to the top of the list, Sheikh argues that the UAE’s success as a crypto hub is not solely dependent on its pro-crypto policies. Instead, she attributes the region’s growth to its emergence as a hub for venture capital and private equity investments in emerging markets, drawing in startups seeking funding.
“Even if the U.S. becomes more crypto-friendly under Trump, the unique advantages offered by the UAE—including its strategic location, global connectivity, and investor-friendly atmosphere—will continue to position it as a top choice for blockchain and Web3 entrepreneurs,” Sheikh emphasized. “The UAE is not just a backup option; it is a proactive choice for those looking to establish sustainable businesses in a rapidly evolving global market.”
Sheikh encourages the region to capitalize on its strengths by fostering collaborations and promoting cross-border crypto and blockchain initiatives. For entrepreneurs aiming to launch successful startups in the Middle East, Sheikh advises building relationships within the ecosystem and leveraging government-supported programs.
Sheikh also stresses the importance of developing solutions that align with the region’s progressive approach to technology and innovation.