Economy
Dubai Is the World’s Second Most Prepared City for Cryptocurrency

According to a recent study by Recap, a crypto tax software and portfolio tracking company, London is the top bitcoin hub worldwide as a result of its outstanding financial structure, while Dubai is a close second.
To be put in a competition with some of the most exciting metropolises makes coming to the top worthwhile. In the list of 20 cities, Dubai managed to outrun New York, Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, Bangkok, Lisbon, and a few more.
Thanks to Dubai’s forward-thinking attitude towards blockchain and cryptocurrency, the city has implemented a variety of regulations to allow cryptocurrency exchanges to operate within its boundaries.
This has enabled it to become the leading hub for cryptocurrency in the Middle East, offering a multitude of related opportunities such as informative seminars, conferences, and even Crypto online casinos. It is no surprise that a city known for its advanced technology, rapid growth, and cutting-edge infrastructure has become a major leader in the cryptocurrency industry.
What Makes Dubai a Crypto-Ready City?
The Recap team chose 200 cities across the globe and conducted an in-depth study of their cryptocurrency policies and other determining details. To ascertain whether the world’s most populous cities are crypto-prepared, the Recap study took into account eight critical factors. They include:
- Quality of life index
- Cryptocurrency-specific events
- People involved in the industry
- Businesses using cryptocurrencies
- Number of virtual currency
- Bank machines
- Tax rate
- Ownership in each region
Dubai has a very high index of quality of life and has adopted a zero per cent tax on cryptocurrencies which was one of the key factors that placed it as the second most crypto-ready city in the world. But there are other aspects that will continue to develop the city’s cryptocurrency infrastructure.
Dubai’s Vibrant Cryptocurrency Market
The general tech-savvy population, the thriving start-up scene, and the government’s progressive stance are some of the reasons why Dubai reached such a high score. With numerous regulatory initiatives aimed at cryptocurrency promotion and influencing the usage of blockchain technology in different sectors, Dubai has made significant progress.
The EmCash system has also been on the go for several years, thanks to the city’s economy department collaboration with the U.K.-based Object Tech Group, Ltd. and one of its subsidiaries, Emcredit Limited. The alliance brought under the aegis of the Dubai Economy Accelerators led to the creation of this brand-new “encrypted digital currency.”, significantly enhancing the bitcoin ecosystem.
Amongst the development of emCash currency and wallets in recent years, Dubai also founded the Virtual Assets Regulatory Authority (Vara). This body is in charge of issuing permits while trying to regulate the sector on Dubai’s mainland and in the other free zone territories.
What adds even more to this tech-savvy attitude toward a crypto lifestyle is the enthusiasm for bitcoin of Dubai’s population. According to a recent YouGov questionnaire, two-thirds of UAE adults were found to be interested in cryptocurrencies. This new devotion to crypto-culture is vividly seen nowadays due to a vast range of possibilities for Dubai residents. Namely, 772 crypto-based companies are at your disposal if you are among the bitcoin optimists who are looking for a new job in this field. Additionally, many significant cryptocurrency businesses have already established their presence in this region, such as crypto.com, Bybit, Binance, and Deribit, while others intend to do so in the near future.
This crypto-culture in Dubai is also seen in numerous other cryptocurrency events and conferences, from rooftop parties to seminars and courses held by local and/or visiting professional teams. Some of them are more casually organized in private social interactions, while others are simply networking meetups. For instance, the EcoX blockchain networking is one of the most popular events in Dubai, taking place at the Conrad Hotel in a speakeasy-style lounge.
Final Thoughts
In just a few decades, a small fishing town has miraculously transformed itself into one of the richest cities in the world. And if that wasn’t enough, Dubai has now been ranked by Recap, as the second most crypto-ready city, as a result of its forward-thinking approach to technology and innovation.
But Dubai’s rapid development has no sign of stopping. Thanks to its developing blockchain ecosystem and welcoming regulatory environment, the integration of EmCash currency and wallets, and the fast growth of crypto-based companies, Dubai entered into the major leagues worldwide.
The government keeps devoting an endless proportion of its time to investing in smart city projects and bitcoin initiatives with the aim of making Dubai “the happiest city on Earth”. Once the highest score is reached, Dubai will finally become the leading crypto-ready metropolis in the world.
Economy
Nigeria Plans New Tax Incentives to Boost Agriculture, Energy Investments

By Adedapo Adesanya
The Nigerian government is planning to offer tax incentives to firms investing in key sectors such as agriculture and energy to boost projected growth.
This is part of a new scheme known as the Economic Development Incentive (EDI), which will address long-standing inefficiencies in the current Pioneer Status Incentive (PSI).
The proposed investment-driven incentive framework is designed to stimulate real economic activity by tying tax relief directly to verifiable investments and part of the country’s ongoing tax reform efforts.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, disclosed this in a keynote address at BusinessDay’s Policy Intervention Series held on Tuesday, April 22 in Lagos.
He said a review of the PSI revealed structural flaws that have undermined its effectiveness.
“Once granted a pioneer status, companies may import goods classified as pioneer products tax-free, effectively allowing them to operate without tax obligations—even with minimal value addition to the economy,” he said.
The incentives will mainly be in the form of a multiyear tax credit that companies can use to reduce what they owe the government, Mr Oyedele further explained.
He said investments in sectors including agriculture, energy and manufacturing will enjoy the tax credit based on a prescribed minimum amount of investment for a period ranging from 10 to 20 years.
Mr Oyedele also reiterated that the country has initiated reforms to boost tax revenue as a share of gross domestic product to 18 per cent by 2027 from 13.6 per cent in 2024, adding these proposals seek to drive growth in priority sectors of the economy.
Also, investors in utility projects like power, waterways and ports will have to invest at least N200 billion to qualify for the tax credit.
He explained that if a company invests N10 billion in Year 1, it earns a N500 million tax credit each year for five years and if an additional N5 billion is invested in Year 2, that new investment begins its own five-year 5 per cent cycle—N250 million annually until Year 6 and if the company continues investing progressively, each round of investment starts a new five-year cycle of tax credits, potentially extending the benefit period up to 10 years.
The tax maven further stated that if a business has a N15 million tax liability in a given year and applies N25 million in tax credits, its liability is wiped out entirely, with the N10 million balance rolled over to subsequent years and that if a company fails to follow through on its investment plan or halts capital deployment, unused credits are forfeited and this accountability mechanism ensures that only consistent and credible investments are rewarded.
Economy
Unlisted Securities Exchange Slips 0.35% Post-Easter Break

By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange slid by 0.35 per cent on Tuesday, April 22 after the return from the Easter break, with the market capitalisation falling by N6.79 billion to N1.917 trillion from the N1.924 trillion recorded last Thursday, and the NASD Unlisted Security Index (NSI) declining by 11.60 points to 3,274.78 points from the previous session’s 3,286.38 points.
Yesterday, the share price of Central Securities Clearing System (CSCS) Plc went down by 60 Kobo to close at N21.50 per unit versus the preceding session’s N22.10 per unit and Geo-Fluids Plc lost 18 Kobo to end at N1.62 per share, in contrast to last Thursday’s N1.80 per share.
On the flip side, the price of FrieslandCampina Wamco Nigeria Plc appreciated by 16 Kobo to quote at N37.80 per unit versus the previous trading day’s N37.64 per unit.
During the session, there was a 40.5 per cent increase in the volume of securities transacted to 174,634 units from the 124,266 units traded in the previous trading day, but the value of transactions slumped by 43.9 per cent to N2.86 million from N5.1 million, and the number of deals dropped by 48.4 per cent to 16 deals from 31 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with a turnover of 533.9 million units worth N520.9 million, followed by Okitipupa Plc with the sale of 153.6 million units for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
Also, Okitipupa Plc remained the most valued stock on a year-to-date with the sale of 153.6 million valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with a turnover of 14.8 million units worth N572.0 million and Impresit Bakolori Plc with a turnover of 533.9 million units sold for N520.9 million.
Economy
Naira Crumbles to N1,603/$1 at Official Market

By Adedapo Adesanya
It was a bad day for the Naira on Tuesday, April 22 as its value plummeted against the United States Dollar by N3.23 or 0.2 per cent at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
It was the first trading session in the official market after the long Easter Break which started last Friday.
The Nigerian Naira was exchanged with the greenback yesterday at N1,603.16/$1, in contrast to the preceding trading day’s rate of N1,599.93/$1.
However, the local currency closed flat against the Pound Sterling and the Euro in the spot market at N2,120.24/£1 and N1,817.69/€1, respectively.
At the parallel market, the Naira appreciated against the US Dollar during the session by N10 to sell for N1,610/$1 compared with the previous trading session’s N1,620/$1.
In the cryptocurrency market, most of the tokens improved on Tuesday, buoyed by renewed investor optimism and fresh hopes of an ease in US-China trade tensions.
Earlier on Tuesday, remarks from US Treasury Secretary Scott Bessent, who reportedly told investors at a closed-door JPMorgan event that the tariff standoff with China was unsustainable.
Mr Bessent said de-escalation would come “in the very near future,” characterizing current conditions as a “trade embargo.” However, he cautioned that a more comprehensive deal between the two nations could take even years.
Then President Donald Trump, speaking to reporters in the White House later, said that US tariffs on China “will come down substantially” from the current 145 per cent level, allaying concerns of a spiraling trade war.
Ethereum (ETH) jumped by 10.6 per cent to $1,784.93, Dogecoin (DOGE) appreciated by 10.3 per cent to $0.1812, Cardano (ADA) added 9.9 per cent to trade at $0.6971, and Solana (SOL) gained 7.9 per cent to close at $151.25.
Further, Ripple (XRP) grew by 7.5 per cent to $2.25, Bitcoin (BTC) expanded by 6.2 per cent to $93,822.95, Litecoin (LTC) increased by 5.8 per cent to $84.22, and Binance Coin (BNB) went up by 2.3 per cent to $617.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
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