Companies

China crypto boycott slices incomes and spikes Huobi to ‘go global’

Published

3 years ago

November 10, 2021

The trade is removing Chinese clients and will lose 33% of incomes from the following year, co-founder tells FT

China’s restriction on private advanced resources will clear out close to 33% of incomes for Huobi Global, one of the world’s biggest digital currency trades, and power it to search somewhere else for development, the prime supporter said. Huobi is being compelled to remove its customers in China and surrender 30% of its incomes on account of the country’s crackdown on digital currencies. To compensate for that misfortune the trade intends to chase after clients in other monetary focuses, underlining the worldwide effect of China’s choice. “Between late September to December 31 we are currently halting overhauling all our Chinese clients. There will be no Chinese clients on the platform . . . so our incomes from [these clients] will go to nothing,” Du Jun, the 33-year-old prime supporter of the trade, said in a meeting with the Financial Times. Huobi is one of the small bunch of trades that have profited from bitcoin hitting standard business sectors as the cost of the advanced coin has mobilized to a progression ever highs since March a year ago. That has turned Huobi, FTX, Coinbase and a couple of other new businesses into billion-dollar organizations. Jun underscored that 70% of the organization’s income was at that point abroad yet said it was speeding up endeavors to extend universally and quadrupling its worldwide headcount from the current 1,000. “We are truly agreeable in Asia and we are the pioneer here, yet we want another accentuation, we want to go worldwide,” said the manager of the Seychelles-based trade. He would not give income or benefit figures to the business. Until 2018, China partook in a staggering predominance in bitcoin markets, as it was home to most of mining and exchanging action. In any case, in the beyond four years, a progression of crackdowns finished in Beijing’s restricting all computerized resources this October. The US has effectively outperformed China as the biggest mining center point. The moving administrative breeze is compelling Huobi, which is China’s biggest trade and delighted in close connects to political elites, to increase its worldwide tasks forcefully, focusing on countries and locales, for example, Russia, Turkey and Latin America for retail customers and Europe and the US for huge financial backers dynamic in proficient business sectors. In October, $211bn worth of advanced resources changed hands on the stage, down 74% since the boycott in May, as indicated by information expert CryptoCompare.

Jun helped to establish the trade with his colleague, Leon Li, a previous Oracle PC engineer, in September 2013, regardless of Jun at first reasoning that bitcoin had acquired in esteem excessively fast to be everything except a trick. “Leon recommended: what about we don’t buy the resource however we simply accomplish something like a trade?” he said. After their discussion, they assessed the two existing crypto trades in China, the now-old Mt Gox and BTC China. They assessed that the stages were making $500,000 every month. So they followed up on the thought, picking a name that signifies “fire coin” and drawing in merchants with zero exchange charges. The trade is a privately owned business and says it has no “immediate relationship” with Hong Kong-recorded Huobi Technology, which likewise runs a resource the executives arm offering crypto-related assets, in spite of the fact that “it shares a vital investor and organizer” in Leon Li.

Regardless of incomes being cut in China, Huobi is commending its eighth commemoration by parting with “millions” in crypto, sending a yet to be picked client to space and following friend FTX in seeking superstar supports. Jun, who maintains the business from Singapore, needs to make half of its labor force global. In any case, the trade has no designs for a worldwide central command, leaning toward its current “decentralized construction”, with workers dispersed all throughout the planet. It is additionally reinforcing its consistence office as administrative issues could surface before very long if the stage keeps on wandering into the vitally monetary centers. Huobi has more than $2bn worth of the questionable stablecoin tie under care and is offering 55% of profits paid in tie for financial backers who store euro or authentic on the trade. That could likewise place the stage in the sights of controllers in the US, the UK and Europe, as they fix their oversight of crypto exercises. A review from the National Bureau of Economic Research said that Huobi and Binance filled in as “a door for tax evasion and other dim exercises” because of absence of know your client (KYC) checks. A representative for the trade said clients need to go through “thorough” KYC cycles to exchange over a specific sum and to have the option to change monetary forms over to computerized coins.

Announcements

How a Dubai Firm Built a 1,000+ Workforce in Just 20 Years

Published

4 days ago

April 28, 2025

Staff Reporter

In an era defined by digital transformation and workforce localisation, Data Direct Group – a leading – Dubai-based business process outsourcing company – has emerged as one of the UAE’s largest and most enduring private employers.

Founded in 2002 with a vision to offer reliable, locally grounded customer experience (CX) solutions, Data Direct Group recently surpassed 1,000 + employee milestone in the UAE alone. The company, today employs, more than 1500 people across four GCC countries, quietly redefining what sustainable private sector impact looks like – with a workforce that today represents 35+ nationalities.

“Our story is Dubai’s story — built on ambition, innovation, and a belief in people,” says Rajiv Dalmia, Founder and Chairman of Data Direct Group that marks 23 years of operations this month. “When we started over two decades ago, back in 2002, we had a clear focus: build a company that not only delivers operational excellence but also contributes meaningfully to the economy and society around us. That vision has stayed the same.”

Supporting on-shore employment and Emiratisation

In an industry often driven by offshore outsourcing, Data Direct Group has doubled down on creating meaningful, on-shore employment opportunities within the UAE. Its diverse portfolio includes call centre services, digital onboarding, and IT support — all delivered by a workforce physically present in the country and trained to global standards.

“Our journey reflects not only business resilience, but a deep-rooted commitment to on-shore job creation, inclusivity, and economic value generation,” said Dalmia explaining how this ‘localisation drive’ has allowed the company to support both government and private sector entities across the UAE while aligning with national initiatives such as Emiratisation.

“We’ve never believed in exporting jobs; we’ve always believed in exporting knowledge and capabilities,” Dalmia notes. “That’s why we’ve invested heavily in building local talent — our growth is measured not just in numbers, but in lives uplifted and careers shaped.”

A true UAE-grown success story

With its roots deeply embedded in Dubai, Data Direct Group has become a textbook example of homegrown enterprise success. From early challenges to regional expansion, the company has retained its core commitment to service, speed, and scalability.

Today, it is trusted by leading names in banking, healthcare, government services, utilities, logistics, and telecom, delivering bespoke business solutions that enhance customer experience and drive digital agility.

“The UAE allowed us to dream big. The leadership here created an ecosystem where entrepreneurs like myself could build something real and long-lasting,” Dalmia says.

One of the UAE’s largest employers in its category

Employing more than 1,500 people in the region and growing, Data Direct Group has carved out a reputation not only for its size but also for its inclusive work environment. With more than 35 nationalities represented, the company mirrors the cosmopolitan fabric of the UAE itself.

“We don’t just talk diversity — we live it every day,” says Dalmia. “Whether it’s a young graduate from Sharjah or a systems analyst from India, we’ve built a space where people from all backgrounds, walks of life and academic qualifications can grow and lead.”

The company’s female participation has also grown steadily over the past decade, particularly in middle-management and client delivery roles — a focus area it aims to accelerate in the coming years.

Driving economic impact beyond numbers

Beyond employment figures, Data Direct Group plays a pivotal role in supporting the business infrastructure of the UAE and wider GCC. From managing millions of customer interactions to helping clients streamline operations, the company’s services are woven into the fabric of everyday business in the region.

This impact translates to cost-efficiencies, customer satisfaction, and scalable support for public services — key drivers of GDP contribution in UAE’s digital economy.

“Economic impact is not just about revenue — it’s about relevance,” Dalmia adds.

“The fact that we’ve been around for over two decades, evolving every step of the way, is proof that you can be relevant, resilient, and responsible — all at once.”

Business

What foreign investors need to know about UAE’s updated tax rules

Published

4 weeks ago

April 7, 2025

Michael Gomes

The UAE has introduced new rules to clarify when foreign companies or investors may be subject to corporate tax on their investments in the country.

Under Cabinet Decision No. 35 of 2025, the UAE Ministry of Finance has outlined specific conditions under which non-resident investors in Qualifying Investment Funds (QIFs) or Real Estate Investment Trusts (REITs) will be seen as having a taxable presence (nexus) in the UAE.

What Does This Mean for You?

If you’re a non-resident juridical person (i.e. a foreign company or legal entity) investing in a QIF or REIT in the UAE, you’ll only be considered taxable in the UAE if:

The fund does not distribute at least 80% of its income within nine months after the end of its financial year. In this case, your tax obligation starts from the date you acquired the investment.
The fund does distribute 80% or more, but your taxable status starts from the date the dividend is paid.
The QIF fails to meet the diversity of ownership rules during the tax period.

Good News for Passive Investors

If your investment is in QIFs or REITs that comply with the rules and none of the exceptions apply, you won’t be considered to have a taxable presence in the UAE. This means no corporate tax liability under the UAE’s tax system.

Why This Matters

This decision gives much-needed clarity to international investors. It helps ensure that foreign investment in UAE-based funds remains attractive and tax-efficient while aligning with the country’s new corporate tax framework.

In short, if you’re investing in compliant UAE funds or REITs as a non-resident, you’re unlikely to face UAE corporate tax unless certain distribution or ownership conditions aren’t met.

(Source: Wam)

Business

UAE named world’s best place for entrepreneurs

Published

4 weeks ago

April 3, 2025

Michael Gomes

The United Arab Emirates has once again been crowned the best place in the world for entrepreneurs, topping the Global Entrepreneurship Monitor (GEM) Report 2024/2025 for the fourth year running.

Outperforming 56 economies, the UAE has cemented its status as the ultimate hub for startups and small businesses, thanks to pro-business policies, easy access to funding, and a thriving investment scene.

UAE Leads in Business-Friendly Policies

The report reveals that the UAE ranks No.1 among high-income countries in 11 out of 13 key areas, including:

Access to finance – Securing business funding has never been easier.
Government backing – Tax benefits, reduced red tape, and strong policies to support startups.
Education & training – Top-tier entrepreneurial learning from school to university.
Market access – Fewer regulatory hurdles mean faster business growth.
Tech & innovation – Cutting-edge research and development support.

Leadership’s Vision for a Global Business Hub

Alia bint Abdullah Al Mazrouei, Minister of State for Entrepreneurship, hailed the UAE’s achievement, calling it proof of the country’s bold vision and leadership’s commitment to making it the best place for businesses to start, scale, and succeed.

She highlighted that the UAE is not just leading the region but making waves on the global stage, with ambitious plans under the “We the UAE 2031” vision to become the world’s premier destination for SMEs and the new digital economy.

What’s Driving the UAE’s Success?

The report credits several game-changing policies and investments, including:

$8.7 billion poured into innovation and SME growth under the Projects of the 50 initiative.
100% foreign ownership of businesses – making the UAE a magnet for global entrepreneurs.
Record-breaking foreign investment in 2023, proving confidence in the UAE’s economy.

Entrepreneurial spirit is alive and kicking:

67% of adults know an entrepreneur or believe they have the skills to start a business.
70% of Emiratis see strong opportunities for launching their own ventures.
78% of new entrepreneurs prioritise social and environmental impact.
75% of startup founders plan to hire at least six employees in the next five years.
80% aim to go digital, keeping up with the latest business trends.
55% of UAE entrepreneurs already serve international customers, strengthening the UAE’s status as a global business powerhouse.

UAE Officially the Best Business Environment

On top of ranking first in the GEM report, the UAE also topped the National Entrepreneurship Context Index (NECI), proving it has the most supportive environment for startups and businesses.

(Source: Wam)