Dubai is currently one of the largest centers of crypto business. In addition, such zones as DMCC and DIFC facilitate the development of enterprises working with digital assets. Currently, permitted business operations include managing databases, investing in crypto assets on one’s own behalf, providing cryptocurrency consultancy, and conducting data mining. It is important to note that regulatory approval is required to launch exchanges or ICOs.
Many businessmen strive to obtain a crypto license in Dubai, as it provides a number of advantages.
Requirements for Starting a Crypto Trading Enterprise in the UAE
To start a crypto trading business in the UAE, ensure compliance with the following requirements:
- Integrate your company with the “UAE financial free zone” sectors for crypto assets.
- Maintain accessible financial resources and operational expenses for 6-12 months.
- Adopt advanced cybersecurity measures for secure crypto transactions.
- Provide valid passport copies of all stakeholders for a UAE cryptocurrency exchange license.
Points to Ponder Before Starting a Crypto Enterprise in Dubai, UAE
Before initiating a crypto business in Dubai, UAE, consider the following:
- Crypto ventures, including representative offices, data mining firms, and consultancies, are monitored by VARA under the Dubai World Trade Centre (DWTC). Confirm your business’s legality with authorities.
- A company needs five years of legal presence in the crypto sector in another country to set up in the Dubai International Financial Centre (DIFC). Alternatively, open a representative office in Dubai.
- Secure the Dubai Multi Commodities Centre (DMCC)’s exclusive license for crypto asset investment.
- For a data-mining firm, apply for an IT trading license and obtain necessary crypto operation approvals.
Advantages of Setting Up a Crypto Business in Dubai
- Many people today are looking for modern companies that accept cryptocurrency for transactions. Therefore, in order to attract a wider audience to your services and products, it is worth adding this wonderful asset to your enterprise.
- There are no gateway or maintenance fees when it comes to Transactions that take place over the blockchain. This greatly reduces the company’s costs and there are no cross-border barriers to making cryptocurrency transfers.
- Blockchain offers advanced encryption capabilities. Therefore, you get secure transactions from anywhere in the world.
What are the Steps to Secure a Crypto License in Dubai?
Select a Name
Propose a name to the governing body.
Engage with VARA
For operations in DIFC, have five years of crypto-related legal presence abroad or establish a UAE representative office.
Apply for License
Secure a crypto license from FSRA, SCA, or DFSA, fulfilling all documentation and approval criteria.
Adhere to strict UAE regulatory standards, including operational, AML, and anti-terrorism financing laws, while establishing strong compliance and KYC systems. Non-compliance may lead to legal action.
Reasons to Rely on Specialists When Establishing a Cryptocurrency Exchange Enterprise
In order to obtain a license, it is important to carefully prepare the necessary documents and study the requirements of regulatory authorities.
Prifinance experts already have extensive experience in obtaining crypto licenses and will help you with this process without any problems. The team also offers advice on setting up a virtual currency exchange business. The specialists will develop the best solutions for their clients, thanks to their in-depth knowledge and experience in the field of cryptocurrencies and blockchain technology.