want to start a crypto trading business in Dubai and the UAE you need to obtain a crypto license in UAE. The cryptocurrency license is considered in the category of “commercial license”. What are Dubai cryptocurrency? It is a digital or virtual currency that is secured by blockchain.
With a crypto currency dubai and the UAE you can buy and sell (Proprietary Trading) crypto-commodities developed on distributed ledger technology applications. However, it does not allow you to act as an exchange or brokerage.
UAE is quick to adopt new advances in technology and it is the same with cryptocurrency. The city is a growing hub for entrepreneurs looking to dive into cryptocurrency. To facilitate the development in the country, the government has released the Cryptocurrency License in UAE.
Now is the prime time for you to get into the hype with the Cryptocurrency License in Dubai.
Some of the popular crypto currency in uae are Bitcoin, Dogecoin, Ethereum, Tether, Polkadot, etc. As Bitcoin is accepted as a transaction currency all around the world, the market capitalization of cryptocurrency in the UAE was approximately USD 265 billion.
Cryptocurrency License in Dubai Activities
Proprietary Trading in Crypto-commodities Includes the buying and selling (Proprietary Trading) of crypto-commodities developed on distributed ledger technology applications. This activity does not include acting as an exchange, providing brokerage services, financial services, banking services, payment processing or storage services.
Requirements for the Crypto License in UAE
For regulation purposes, the government of the UAE has provided some eligibility requirements that you need to meet before you can apply for the crypto license in UAE.
Here are the requirements for the cryptocurrency license in UAE:
- Obtain the commercial license form provided by the Department of Economic Development in Dubai.
- Provide copies of the passports of all the partners in the business.
- A completely clean crypto wallet record is required with no fraudulent transactions or activities.
- Ensure that all your operational expenses and capital resources in the business are visible for at least 6 to 12 months of operation.
- All of your crypto assets need to be incorporated with the “UAE financial free zone” departments that are approved by the government.
- For the final step, you will be required to provide your business plan with the cryptocurrency license in Dubai.
Steps to Obtain the Cryptocurrency License in Dubai
The process of obtaining the cryptocurrency license in Dubai is comparatively easier than other types of licenses you can find here. As mentioned earlier, for regulatory reasons and to prevent fraudulent activities, these steps are necessary.
If these steps seem complicated or you have more important matters in your business to handle, you can always opt for help from our expert business consultants who will procure the cryptocurrency license for you. They have years of experience setting up various businesses in the UAE. Contact us today for your own cryptocurrency license in Dubai.
However, if you want to go for the Dubai cryptocurrency license registration process by yourself. Here are the steps you need to follow in order to obtain the cryptocurrency license in UAE:
- Download and fill-up the cryptocurrency license form from the respective authority where you want to set up your company.
- Attach and submit the filled-up cryptocurrency license form with the company’s and all the shareholders’ names.
- Submit the required documents to the respective authority where you are setting up your company.
- Complete the required payment to the respective authority that will be providing a cryptocurrency license to you.
- If everything checks out with the application form and official company documents, then they will provide the cryptocurrency license within a week of the approval.
Source: https://www.companysetup.ae/cryptocurrency-license-in-dubai/
