The forward-thinking UAE, and Dubai in particular, has taken a proactive approach to decentralized finance, quickly establishing itself as a hotbed for businesses related to cryptocurrency and blockchain technology. It already has a regulatory framework in place, encouraging the setup of exchanges and other crypto-oriented companies, while ensuring consumer protection. With fraud prevention and transparency capabilities at the blockchain tech's core, the UAE crypto market is gaining the confidence of local and international investors.
Entrepreneurs who decide to implement/develop an open and competitive crypto infrastructure receive a wealth of benefits offered by DAFZA and DMCC Free Zones:
- A regulatory framework complied with the UAE Securities and Commodities Authority
- SCA-approved crypto licenses
- Easy crypto business set up with zero corporate taxes
- Access to a growing pool of talent
- Access to worldwide crypto investors
If you want to create a tech startup, then it is probably the best place and time to do it.
Requirements for Crypto license
- Valid Commercial license from the Department of Economic Development (DED)
- Enough capital to operate the business for at least 6 months successfully.
- Strict KYC compliance
- Disclosure to Value-Added-tax, Anti-Money laundering, and other Government authorities on request
- Secured information of client’s financial information – safeguarding against cybersecurity
- Crystal clear crypto wallet record without any fraudulent activity or transaction
Crypto license getting process
- Select a free zone of Dubai (DAFZA/DMCC)
- Download and fill up the application form for a cryptocurrency license
- Attach and submit the form with the name of and names of all shareholders of your company
- Provide all demanded documents
- Pay the application fees
- If all are checked out with the application form and official legal documents of the company, the relevant authorities will give you the cryptocurrency business license within the approval one week
Some advantages of crypto companies
This type of business has advantages for both shareholders and those who choose crypto services. Here are some of them:
- Some transactions have no fees
- Payments are protected by blockchain technology
- Extra protection of personal data and against possible financial fraud
- Transactions are much faster than via traditional payments
The digital currency market has gained increasing notoriety in the last decade and many are opening their businesses in this field. At this point, Dubai, the “city of the future”, offers all the optimal business conditions, such as an experienced workforce, well-developed infrastructure, access to the most important financial markets in the world, and the possibility to develop business in the dedicated crypto environment.
If you are willing to set up a cryptocurrency company in Dubai, you can contact our company formation consultants. Call/WhatsApp us at +971 50 908 1938 or email us at email@example.com