Dubai’s Museum of the Future will host Changpeng Zhao, founder and chief executive of Binance, the world’s largest cryptocurrency exchange by trading volume, to talk about digital tokens and blockchain technology and the emirate’s pivotal role in globalising the future of the industry.
Mr Zhao’s session is part of a series of nine “Future Talks” that the museum will host from February 24 to March 29 and is open to the public free of charge, the UAE Media Office said. The museum opens on February 22.
The initiative is part of the museum’s mission to “create a platform where the world’s brightest minds meet and collaborate to design innovative solutions".
In his talk at 3pm on February 24, Mr Zhao will discuss his experience in setting up Binance, as well as the potential of non-fungible tokens and his vision for the future of finance.
There has been growing interest in the cryptocurrency market in the UAE as consumers and investors flock to digital assets.
In December, the Dubai World Trade Centre Authority and Binance signed a preliminary agreement to develop an industry centre for global digital assets in the emirate.
The initiative will help to expedite Dubai’s plans to establish a new international digital asset ecosystem, which will, in turn, generate long-term economic growth using innovation, the authority said at the time.
Binance will also organise its digital blockchain conference in Dubai from March 28 to 30.
Countries that do not adopt cryptocurrencies sooner will be left behind, Mr Zhao said at Gitex Global in October, as he gave a warning that a lack of awareness regarding the advantages of digital assets would create a chain reaction that would consequently be a setback for progress.
He acknowledged that it will take decades for fully fledged regulatory frameworks to be developed and put into effect. However, the rapid pace of adoption could prompt governments to hasten the process, he said.
'Inspiring journey'
Mr Zhao's “successful life story” will serve as an inspiration for youths to face challenges and achieve their dreams, the UAE Media Office said.
Having moved from China to Canada, he had to work in McDonald’s outlets and gas stations during his adolescent years. He later forayed into independent trading by establishing a broker trading platform called Fusion Systems in Shanghai.
Mr Zhao was a member of the founding team of Blockchain Info, before taking a senior position with cryptocurrency company OKCoin. He left this role and founded Binance in 2017 after raising $15 million through an initial cryptocurrency offering.
In 2018, Mr Zhao launched Binance Smart Chain, which focuses on decentralised financing solutions.
His current net worth is $72.2 billion, making him the 15th richest person globally, according to the Bloomberg Billionaires Index.
The billionaire announced last November that he bought an apartment in Dubai, which he described as a “friendly city for crypto-financial solutions”.
The Future Talks series at the Museum of the Future will focus on opportunities in the fields of cryptocurrencies and NFTs, the future of mixed reality, mobility, the metaverse, finance and technology, and the state of the world in 2022, among other topics.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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- Price: Not announced yet
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MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
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