Cryptocurrency and blockchain: doing business in Belarus &UAE
On 15 Feb. the National Agency of Investment and Privatization of the Republic of Belarus and EurAsia Gulf Business Network collected more than 45 participants from UAE, Belarus, China, Russia, UK, Nigeria for webinar on topic “Cryptocurrency and blockchain: doing business in Belarus & UAE”. Below you can find the highlights of the event.
The Agenda of webinar included Belarus regulations in cryptocurrency, advantages of working with Belarus IT companies in the blockchain field, requirements of the UAE in the named field, opportunities for cooperation with UAE companies within blockchain projects.
Moderator Andreas Tsindos, Fintech, Digital and Blockchain professional with over 23 years’ experience, opened the webinar with the statement about Belarus involvement into cryptocurrency development.
«Actually, Belarus is a very innovating country and is in the list of top countries for the human development index. IT-sector accounts round 7% of GDP. And today we are going to explore deeper business opportunities of this country and prospective directions for cooperation with UAE», – noted Andreas Tsindos.
Due to great line up speakers, it was especially amazing to learn more about blockchain as part of Belarus business potential.
A helicopter view of the topic was provided within the Welcoming Address of the Dmitry Berezovski, First Deputy Director of the National Agency of Investment and Privatization of the Republic of Belarus, and Anna Koriakovskaia, Head of Technology & Innovation Committee of the EurAsia Gulf.
As Mr. Berezovski noticed the idea of organizing the webinar appeared from the event «Let money talk» hold by Abrahamic Business Circle in Dubai, because a lot of participants tried to discover new markets for developing business in cryptosphere.
«In my opinion, Belarus has a big potential in this sphere, therefore our Agency is taking a high attention to cryptocurrency projects».
According to Anna Koriakovskaia Belarus is very famous country with skilled IT specialists and this webinar is really important step in stimulating the cooperation between Belarus and UAE.
As well questions regarding regulation specifics were raised. Ksenia Radchenko, Project Manager of the National Agency of Investment and Privatization of the Republic of Belarus, mentioned that transaction companies can use only those platforms that are registered as operators of cryptoplatforms and ICO organizers in Hi-Tech Park.
The information about legal features was clarified by Gleb Yakushev, Leading Associate of REVERA Law Firm: «Minimum balance on bank accounts in Belarus: 1M BYN – for cryptoexchange and 200K BYN – for cryptocurrency exchange operator», – told Mr. Yakushev.
Not one speaker from Belarus side noted that companies must be residents of Hi-Tech Park, where 13 cryptocurrency companies have been working already (3 of them are cryproexchange, 1 – cryptocurrency exchange operator, 1 – ICO organizer and 8 – mining companies).
Mohammad Khalifa, CEO of digital currency platform GARANTEX talked about UAE legislation in the blockchain field. Especially was amazing to hear how the blockchain is giving the start of the new technology revolution. The blockchain is playing a great role in turning the country to have a paperless government:
«Now even the fines are given by the police on the mobile following the tendency on the blockchain. Today we have more than 7 million of individuals who has their health insurance ID based on the blockchain technology. What is more, Blockchain technologies are going to be exported to the world», – said Mr. Khalifa.
Speaker is suspected that blockchain will create virtual world and even metaverse with its own solutions, rules of selling and buying.
It is important to note that all the Webinar speakers look at this sphere from the inside, therefore some hidden questions were discussed. Followed by the words of Vasily Kulesh, Chief Communications Officer at Whitebird.io and Chairman of the Board of the Distributed Registry Technologies Association, Belarus can become Crypto-Switzerland if to use properly such advantages as regulation, beneficial tariff for electricity, legal field that allows you to work and make a profit, energy surplus that occurs when the Belarusian nuclear power plant reaches its planned capacity.
Also, in this sphere is necessary to use MBC (money, brains, contacts) strategy, as Jorge Sebastiao, Cofounder EcoX & CBO Simba Storage pointed out, because that is a way of getting success.
«Money allows to grow and skill up. Brains are the ideas that must be developed. Contacts are the most important – capacity to cooperate», – noted Mr. Sebastiao.
Also, opportunities for cooperation with UAE companies in the blockchain field were discussed during the Q&A session and round-table discussion.
After the webinar Andreas Tsindos and Mohammad Khalifa noted that they were so impressed by the Belarusian conditions on doing business in cryptocurrency and mining sphere, that started to think about opening business in Belarus.