Diversification of money in the digital assets is the future of the developing digital economy, Inline to this several business zones in the country have already established themselves as reputed zones for conducting crypto-related business activities. Today, you can apply for a crypto license in freezones like ADGM, DMCC, DIFC, DWTC etc.
Following are the Business Consultancy services in UAE that we provide:
Requirements
Listed below are a few of the several requirements that your company must meet to commence a crypto venture.
• The “UAE financial Freezone” divisions should be integrated with all crypto assets.
• Your financial resources and other operational expenses are accessible for around six to twelve months
• Implement top-notch cybersecurity mechanisms to ensure that the data is safe for all the crypto related operational transactions.
• Include copies of all your stakeholders’ valid passports to get a cryptocurrency exchange license in UAE
Things to know before you launch your crypto business in UAE
• All the crypto-related ventures (representative offices, data mining firms, and consultancies) are monitored and regulated by VARA that’s set up under the Dubai
World Trade Centre (DWTC). Therefore, you should contact the regulatory authority to understand the legitimacy of your cryptocurrency business in the Emirates.
• To set up a crypto business in the Dubai International Financial Centre (DIFC), it’s required for the company to have at least 5 years of legal presence in some other country in the cryptocurrency domain. The best way to incorporate such a company is through a representative office in Dubai.
• The Dubai Multi Commodities Centre (DMCC) issues an exclusive self-proprietary cryptocurrency license that empowers you to invest in crypto assets. You can connect with our business experts to know about launching a business in DMCC
• Do you want to open a data-mining firm for your crypto-related business in Dubai? The good news is you can do so by applying for an IT company trading license and obtaining additional consent for cryptocurrency business (if needed).
• Cryptocurrency business aspirants can also set up a consultancy enterprise in Dubai. You can contact the experts at Leo Investment, and we’ll help you open a bank account for your crypto consultancy business in Dubai.
• ADGM is the first jurisdiction in the world to introduce a comprehensive and bespoke regulatory framework for the regulation of spot virtual asset activities, including those undertaken by multilateral trading facilities, brokers, custodians, asset managers and other intermediaries. You can get assistance from our experts to know more about the licensing.
Advantage
• Today’s audience is always looking for modern-day companies that accept cryptocurrencies for various transactions. Therefore, this becomes a standout feature for your business that separates it from the rest of the competition. It’s a great asset to add to your venture to attract wider audiences to your products & services.
• The best part about transactions that happen via blockchain is that there aren’t any gateway or service charges. Therefore, this reduces a company’s transactional costs significantly. In addition, there aren’t any cross-border barriers to making cryptocurrency transfers.
• Blockchain is a decentralised payment mechanism that offers enhanced encryption facilities. Therefore, you can safely make crypto transactions from anywhere in the world with the same encryption standards.
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Choose a business name — Do you have a trading name in your mind for your cryptocurrency business? If yes, you can send it over to the concerned governing body for approval. If not, you can contact the business specialists at Leo Investment, and we’ll help you shortlist a few names for your venture.
Additionally, you need to ensure that you follow all the naming convention guidelines established by the government. -
Get in touch with the concerned jurisdiction — Crypto-related ventures in the UAE are supervised by the virtual asset regulatory authority (VARA). For instance, a company must have at least 5 years of legal presence in some other country in the cryptocurrency domain to become eligible to launch a crypto venture in the DIFC free zone.
You can establish a representative office of your parent crypto company in the UAE in any of the desired free zones or even in the mainland region. -
Secure a cryptocurrency license — The next step is to obtain a crypto license in Dubai. The Financial Services Regulatory Authority (FSRA), Securities and Commodities Authority (SCA), and Dubai Financial Services Authority (DFSA) regulate cryptocurrency & blockchain assignments in the UAE.
You need to meet all the paperwork and approval requirements to get this permit. Therefore, it’s recommended to collaborate with the business license specialists at Leo investments. We file your application after thoroughly assessing the information to ensure you get your license in one go -
Follow all the compliance protocols —
Cryptocurrency trading in the UAE is vigilantly regulated, just like other financial trading operations. The SCA published Crypto Assets Activities Regulation (CARR) standards that outline the general operational regulations for crypto-asset enterprises and users.
It also includes additional anti-money laundering and anti-terrorist financing laws. These regulations include the requirement for a robust compliance network, as well as KYC and AML monitoring requirements.
Additionally, the government takes legal actions against firms that don’t follow the safety & compliance regulations.
A crypto trading license in the UAE opens the doors for new-age investors to find several lucrative business opportunities in this futuristic financial sector. Therefore, now is the time to act and set up your crypto company in the Emirates by connecting with us.
We offer end-to-end business assistance to our clients to ensure they don’t face any complexities launching their ventures in the UAE. Therefore, all you need to do is collaborate with our professionals, and they’ll handle the rest!
