How to Get a Cryptocurrency License in Dubai, UAE? [2023] Guide
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 cryptocurrency license in 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, Solana, Litecoin, Ripple, 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.
What is cryptocurrency?
Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. Unlike traditional currencies issued by governments and central banks, cryptocurrencies operate on decentralized networks based on blockchain technology. This technology ensures transparency, security, and immutability of transactions.
Key characteristics of cryptocurrencies include:
- Decentralization: Cryptocurrencies operate on decentralized networks, meaning they are not controlled by any central authority like a government or a bank.
- Blockchain Technology: Transactions and data are recorded on a distributed ledger called a blockchain, which is maintained by a network of computers (nodes).
- Security: Cryptography ensures the secure transfer of funds and verifies the authenticity of transactions.
- Anonymity and Transparency: While transactions are transparently recorded on the blockchain, the identities of the participants can remain pseudonymous.
- Limited Supply: Many cryptocurrencies have a fixed supply, making them deflationary in nature.
- Global Accessibility: Cryptocurrencies enable cross-border transactions without the need for intermediaries, making them accessible to anyone with an internet connection.
Bitcoin, launched in 2009, was the first and most well-known cryptocurrency, but since then, thousands of other cryptocurrencies (often referred to as altcoins) have been created, each with its own unique features and use cases. Cryptocurrencies have gained popularity for various reasons, including their potential as investments, a medium of exchange, and a means of transferring value in a secure and efficient manner. However, their regulatory and technological landscape continues to evolve as the industry matures.
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.
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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.
What are the Steps to Setup a Crypto Business in Dubai?
Multiple new-age entrepreneurs, foreign investors and new businessmen can set up a crypto business in Dubai by following these steps:
- Choose Your Company’s Name
- Select the Preferred Jurisdiction
- Register for a Cryptocurrency License
- Abide by All the Compliance Regulations
What Is the Cost of a Crypto License in Dubai?
Obtaining a crypto license in Dubai is manageable if all conditions are met. Costs typically range from 11,900 to 35,000 AED, subject to applicable laws and activities. For precise pricing, consult our Company Setup Experts.
Where to Get the Cryptocurrency License in Dubai
Before starting a crypto trading business in UAE, you need to get a cryptocurrency license in UAE. Currently, three of the free trade zones are issuing cryptocurrency licenses in the UAE. They are:
Dubai Airport Free Zone Authority (IFZA):
International Free Zone Authority, or IFZA for short, is another free of like DMCC in Dubai who accepted the addition of crypto. They signed an agreement with the SCA that helped them support entrepreneurs and businessmen who wanted to perform business activities related to crypto. They facilitated businesses within the area with the cryptocurrency license in Dubai.
Companies with the cryptocurrency license provided by the IFZA can perform business activities with their crypto assets. They can provide services to global investors coming to Dubai from all over the world. Thanks to the strong regulatory framework of the IFZA, companies within their boundaries can easily perform their business activities. They are moving forward with the aim to increase the acceptance and growth of cryptocurrencies like Bitcoin, Ethereum, Dogecoin, etc.
Benefits of a Cryptocurrency Business in Dubai, UAE
After setting up a cryptocurrency business in Dubai, you can enjoy more benefits. we are sharing some benefits:
- Brand’s Standout Feature
- Low Transactional Expenses
- Enhanced Security
- Comprehending Blockchain
- Data Confidentiality
Success with Crypto currency License in Dubai
Entrepreneurs all over the world are finding success with cryptocurrency. The same can be said with the cryptocurrency license in Dubai. Businessman Dariush Soudi found success in Dubai thanks to the cryptocurrency license. He launched a crypto trading platform in 2020. Currently, the value of the cryptocurrency market is topping at USD 2 trillion.
How can Company Setup Consultants help you?
Company Setup Consultants consists of a team of professionals who are located in Dubai, UAE. We offer our services at an affordable rate so that entrepreneurs can easily do their business in Dubai and the rest of the emirates.
Besides providing licensing facilities, we also provide other services that ensure the day-to-day operation of your business is impeccable. Our one true purpose is to fulfill our client’s needs and achieve customer satisfaction.
Here are how we can help you:
- Setup your company in Dubai and the UAE.
- Get the business trade license for your company.
- Get the cryptocurrency license in Dubai, UAE for you.
- Open your corporate bank account.
- Advice you on any legal issues with your business.
- Help you with the day-to-day operation of your business.
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Why Choose Company Setup Consultants?
Here are our strengths:
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- We are cost-effective.
- We are reliable.
- We are efficient.
- We have extensive knowledge about the market in UAE.
We have years of experience setting up companies in the UAE.
Here are the reasons why you should choose Company Setup Consultants:
- Company Setup Consultants can easily procure the cryptocurrency license in Dubai for new entrepreneurs and seasoned businessmen alike.
- We have years of experience dealing with the licensing authorities in the UAE including the DED, BRL, and DMCC.
- We provide real-time updates to our clients about the license registration procedures.
- We have the best translators who can help finalize your business deals and prepare your documents in Arabic, which is the local language.
If you are looking for a cryptocurrency license in Dubai, UAE ? then look no further. Contact us our expert today and get your very own cryptocurrency license. With our services, you can hit the ground running.
Frequently Asked Questions on Cryptocurrency License in Dubai
Is cryptocurrency legal in Dubai?
Yes, you can use Dubai cryptocurrency in your business with the help of a cryptocurrency license in Dubai. You can accept transactions, trade cryptocurrencies, advise others, broker cryptocurrencies, etc. with the cryptocurrency license in UAE.
How can I open a cryptocurrency company in Dubai?
You can start a crypto trading business in Dubai, UAE with a cryptocurrency license. The government has released this license to regulate crypto-related activities in the country. You can get the cryptocurrency license in Dubai with the help of our experienced Company Setup consultants in Dubai.
Is trading cryptocurrency legal in UAE?
Yes, trading cryptocurrency in uae like Bitcoin, Dogecoin, Ethereum, etc. is legal in the UAE. You need the cryptocurrency license in UAE to trade cryptocurrencies here.
How do you get a cryptocurrency license?
You can get a cryptocurrency license in UAE from the respective authorities of where you are setting up your company. You can get your own cryptocurrency license in Dubai with the help of Company Setup Consultants.
How safe is cryptocurrency?
Popular cryptocurrencies like Bitcoin, Dogecoin, Ethereum, etc. are safe thanks to the solid blockchain technology they run on. The UAE regulates all the cryptocurrencies in UAE with the cryptocurrency license, so they are safe to use in the country.
How do I invest in Cryptocurrency?
You can invest in cryptocurrency from a cryptocurrency broker in the UAE. If you want to perform any business activities with the crypto, you need a cryptocurrency license in UAE.
Are you ready to set up your license in crypto currencies and NFT’s (non fungible tokens) business? Drop us an email with your business plan and we will get back to you. Please note we are considering applications on a case by case basis. Contact us now.
To Speak with our Experienced Business Consultants for further information and assistance, call us at +971582595164. Send a WhatsApp Message for Chat Query on +971 582595164 or email us at info@companysetup.ae.
