Integrating crypto into the Middle Eastern market - a comment by René Pomassl, CEO SALAMANTEX
>> As published on https://megamechanger.biz/integrating-crypto-into-the-middle-eastern-market/
The adoption of cryptocurrencies on a mainstream level is an inevitability, which is why we’re on a mission at SALAMANTEX to seamlessly integrate crypto into today’s payment systems. Tapping into the Middle Eastern market is key for us in achieving this goal.
A market full of opportunity
Digital currencies have made significant in-roads in the Middle East, which has emerged as a growing hub for cryptocurrencies. Only this year, new regulation set out by the United Arab Emirates’ (UAE) Securities and Commodities Authority made it easier for crypto-related businesses to operate in the UAE. With the Middle East poised to be an important market for crypto assets, it’s the perfect place to expand our business.
That said, it’s important to remember that different parts of the world have different ways of doing business, and the Middle East is no different. Like any other business venture, it’s vital to do your research before broadening your target audience to a new country or continent.
For any business owner looking to enter the Middle Eastern market, I’d recommend trying to build partnerships and relationships in the region to make the move as smooth as possible. In our case, as a company founded in Austria and operating in the crypto community, we are partnering with the Austrian Business Council — a non-for-profit organisation that aims to strengthen business opportunities between Austria and the UAE — as well as the Crypto Centre in the DMCC.
So, if you are planning to jump on the wealth of opportunities in the Middle East, I would advise to thoroughly analyze the market to get a better understanding of the playing field and then to make the most out of any support infrastructure that’s already out there!
Realising the potential
The Middle East is growing rapidly across an array of industries, not just crypto. But, this doesn’t mean that everything will be plain sailing when establishing your business there. From my own experience, I have found that there are inevitably setbacks that come with expanding into a whole new market and culture. If companies are resilient and agile enough to see them as lessons learnt and remain persistent, the potential benefits to be realised in the Middle East are enormous.
I believe that if you add real value to your customers, you can make it anywhere. From our perspective at SALAMANTEX, we intentionally began our journey in Austria and Germany as these are countries with extremely stringent regulation processes. Approval from European regulatory bodies often has value globally.
As cities like Dubai and Abu Dhabi emerge as the next global hubs for business, European companies should be looking at the Middle East as a serious target market.
Of course, this doesn’t mean that the region is the right fit for every business. However, if done with thorough research and planning, and the right support networks in place, the growth of the Middle East is an opportunity that should not be missed!
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About René Pomassl:
René Pomassl is the CEO of SALAMANTEX. He has been actively engaged in the blockchain sector since 2011 and founded SALAMANTEX in 2017. Due to his experience and expertise, he is a renowned advisor for several government agencies and chambers of commerce in different countries.