Crypto is one of the buzzwords today. From buying things to trading, cryptocurrency has become huge. If you know what it is and how it works and are swirling with interest in it, why not get a crypto license in Dubai?
It’s not surprising anymore to hear that Dubai has seamless regulations. And because of these lenient regulations and fabulous policies, Dubai is being called the new haven for web startups.
This year, the Dubai government recently approved legislation to control the use of digital assets like non-fungible tokens (NFT). Therefore, it is now regarded as one of the top locations for cryptocurrency. Also, The Dubai World Trade Center is now a crypto zone. This makes it possible for all businesses dealing with virtual assets to do business there easily.
This blog is for you if you’re also interested in doing a cryptocurrency business. It will walk you through everything there is to know about how to get a cryptocurrency license in Dubai. First, let’s check out some of the popular cryptocurrencies in Dubai.
What Are Some of the Popular Cryptocurrencies in Dubai?
Here is a list of the top 10 cryptocurrencies in Dubai that you can invest in.
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Tether (USDT)
- Cardano (ADA)
- Ripple (XRP)
- Solana (SOL)
- Binance Coin (BNB)
- Polkadot (DOT)
- Dogecoin (DOGE)
Note: Proprietary trading in crypto-commodities includes the buying and selling of crypto-commodities developed on distributed ledger technology applications. But, it does not include acting as an exchange, financial services, brokerage services, banking services, storage services, or payment processing.
What Are the Benefits of a Crypto Licence in Dubai?
Before we get to the process of getting a cryptocurrency license in Dubai, it’s best if you know the perks that come with it.
1. No Taxation Policy
The Dubai Government always ensures to introduce corporate friendly policies. Therefore, businesses can make greater profits. And currently, businesses do not have to pay any additional taxes. But, The government may introduce a new taxation policy in 2023. According to this policy, companies may pay 9% corporate tax. Consequently, compared to other countries, the investors operating in crypto in Dubai save a reasonable sum of their hard-earned money.
2. Leading Crypto Business Hub
As surprising as it may sound, Dubai is set to become a leading crypto business hub. Especially for SMEs. You get to make strong corporate connections with entrepreneurs from other countries. Also, an excellent opportunity to expand your business. The best news is that FTX and Kraken are heading to Gulf wards too.
3. All Round Acceptance
The Dubai government has started drawing up policies that encourage people in Dubai to invest in some or the other cryptocurrencies. According to stats, 25% of middle east millionaires already invest in some kind of crypto. Also, various local businesses like grocery delivery services and Dubai property firms accept crypto payments. Consequently, this has floated the idea of starting to pay salaries in cryptocurrency.
What Are the Requirements to Get a Cryptocurrency License in Dubai?
When deciding to start a cryptocurrency business in Dubai, there are certain things you need to keep in mind. Hence, here is a list of requirements for acquiring a crypto license in Dubai.
- You need to disclose all your operational and capital resources. Moreover, they must be visible for at least 6 months.
- You will need a crypto wallet to secure your crypto assets.
- It is necessary to keep your records authentic and accurate. As a result, the crypto business setup process will be smoother.
- All your crypto assets must be incorporated with financial-free zone authorities in the UAE.
What Are the Required Documents to Get a Cryptocurrency License in Dubai?
There are a lot of important legal documents that you need to gather. The business setup experts at the UAE Expansion India Branch can give you a detailed list. However, here’s an overview of the essential documents you must submit.
- A copy of your passport.
- A copy of your stamped page.
- Your Emirates ID
- Colored passport-size photographs.
What Is the Process of Getting a Crypto License in Dubai?
The process of getting a crypto license is relatively straightforward. Also, it can be even easier if you already have a license for some other business. But, it can be time-consuming and confusing with lots of paperwork. Thus, it’s best to seek help from business setup professionals. Still, here’s an overview of the process of getting a crypto license in Dubai to give you an idea:
- The first step is to collect a crypto license registration from the free zone authority where you wish to do business from. Next, you must put out that form.
- Put together all the related documents of the shareholders. This would include a copy of passports & photographs. Furthermore, you can apply once you’re sure about the information you’ve gathered.
- Hand over all your business’s legal documents to the Freezone landowners.
- Choose a suitable office space based on your business activities. Moreover, prepare the tenancy agreement and register it with Ejari.
- Next, complete the payments for the crypto license. Also, pay the office rent to the authority, who will further issue the permit.
- If everything seems fine, you’ll get the license within a week of approval.
What Is the Cost of a Crypto License in Dubai?
It can be challenging to figure out the actual crypto license cost in Dubai. However, to give you a fair idea, we can say that it will cost you around 20,000 – 25,000 AED. But, remember that this cost includes the registration fee, initial approval fee, crypto trading license dots, and other documentation. You can reach out to the business setup experts at the UAE Expansion India Branch, in case you want a detailed breakdown of all the costs.
Now that you’ve read the blog, we’re optimistic that you know why and how to get a crypto license in Dubai. So, what better time to start a crypto business in Dubai?
You can seek help from the legal or business setup experts at the UAE Expansion India branch. They’re well-versed in the rules and process of getting a cryptocurrency license in Dubai. Hence, they will guide you at every step.
Also, they’ll help you gather all the documents, decide which currency to invest in, and get your crypto license in Dubai without any hassle. So, all you need to do is give them a call, and they’ll take care of the rest.