A co-founder of blockchain-based ride hailing believes the United Arab Emirates (UAE)’s crypto momentum won’t be significantly impacted by a new Donald Trump administration.
Co-Founder Says ‘UAE Is Not Just a Fallback Option’
A new Donald Trump administration may create a more favorable crypto environment, but Firdosh Sheikh, co-founder of DRIFE, doubts any U.S. policy shift will significantly impact the UAE’s momentum. Firdosh argues that the Middle East, particularly the UAE, has built a robust foundation that isn’t solely dependent on geopolitical changes elsewhere.
The region’s emphasis on supporting entrepreneurs through initiatives like visas for startup founders and tech talent has created competitive advantages immune to political shocks, Firdosh told Bitcoin.com News. The introduction of progressive frameworks has also enabled startups to operate legally in environments conducive to innovation.
Firdosh cited DRIFE, a blockchain-based ride-hailing platform, as an example. The company engaged with regulators who were receptive due to their awareness of the technology. She also claimed that the ride hailing platform’s alignment with the UAE’s broader goals of creating a fairer, more inclusive economy also appealed to regulators, ultimately allowing DRIFE to operate in the region.
Firdosh’s remarks come amid concerns that Trump’s return, along with his pro-crypto cabinet, may spell trouble for the UAE and other countries that have benefited from the Biden administration’s perceived anti-crypto stance. Recent surveys and reports have shown that the UAE, along with Hong Kong and Singapore, have been seen as regions offering sanctuary to entrepreneurs and developers frustrated by U.S. policies.
For instance, a Henley & Partners study on the best investment migration program options for digital asset investors ranked Singapore first, followed by Hong Kong and the UAE. The U.S. ranked fourth. Some observers believe a Trump administration could catapult the U.S. to the top.
Firdosh however disputes the notion that the UAE’s rise as a leading crypto hub is solely due to its pro-crypto policies. Instead, she attributes the region’s success to its emergence as a hub for venture capital and private equity focused on emerging markets, which attracts startups seeking funding. Firdosh added:
Even if the U.S. becomes more crypto-friendly under Trump, the unique benefits offered by the UAE—including its strategic location, global connectivity, and investor-friendly environment—will continue to make it a top choice for entrepreneurs in the blockchain and Web3 sectors. The UAE is not just a fallback option; it’s a proactive choice for those looking to build and scale sustainable businesses in a rapidly evolving global market.
The DRIFE co-founder added that instead of viewing the U.S. President-elect’s return as a concern, the region should capitalize on its position by fostering regional collaborations and promoting cross-border crypto and blockchain initiatives. For entrepreneurs looking to launch and grow a successful startup in the Middle East, Firdosh encouraged building relationships within the ecosystem and leveraging government-backed initiatives.
She also advised them to focus on creating solutions that align with the region’s forward-thinking approach to technology and innovation.
