The UAE is an up-and-coming market for developing the crypto industry. Dubai government authorities have appreciated all the benefits of using blockchain and have even begun actively using it in their activities. To open a company here, you must obtain a DMCC crypto license. Today we want to discuss the benefits of such a solution and tell you how it can be done in the shortest possible time.
To start crypto activities in Dubai, you must obtain a permit from an autonomous economic center. Crypto license in DMCC is issued in two types:
As you can see, there is a strict distinction between licensing types, which cannot be violated.
To date, Emirates has developed regulations for the activities of crypto firms. And for the organization to start operating, the following conditions must be met:
Having fulfilled these conditions, the firm is determined by the direction of activity and then applies for one of the licensing types.
To conduct crypto activities, an organization must register an offshore company in the Autonomous Economic Zone, guided by local regulations. Then get approval from the SCA. The organization must strictly follow the AML legislation and regulate the level of cyber security on data protection. And it would help if you also concluded an SLA with a contractor firm whose responsibilities will include ensuring the protection of the database. The steps for obtaining a cryptolicense are as follows:
A crypto license is issued in about a month, but everything will depend on each crypto exchange individually. In Dubai, only the autonomous zone can issue a crypto permit to an organization. After getting a permit, the company has the right to apply for a residence visa in the UAE and then open an account with an emirates bank.
DMCC and the SCA entered a contractual relationship. This agreement led to the joint development of norms and rules for firms engaged in crypto activities in the free zone. Today, it has a solid foundation for buying, selling, exchanging, and other virtual currency crypto services. A company that plans to engage in this area must meet the following criteria:
In addition, a company must have one of two permits to start cryptocurrency activities in Dubai.
Starting such a business begins with submitting an application to the government bodies and fulfilling all licensing requirements, namely:
After the license is registered (up to 4 weeks), you can start the activity of a crypto company.
One of the main advantages of Emirates is that the DMCC cryptocurrency is not subject to income and corporate taxes. And this means that there is no tax for firms conducting cryptocurrency-related activities. And the value-added tax is only 5%. Such taxation makes the Emirates very attractive compared to other countries for a company with a crypto exchange license DMCC.
To date, regulation by the legislation includes:
Currently, the crypto business is legal in Dubai, provided you get a work permit and pay taxes regularly.
Obtaining a permit to work in a free zone has a large number of benefits, among the most important are:
Thanks to all these factors, crypto licenses in DMCC are attractive to investors.
Obtaining a crypto currency exchange license in this jurisdiction is a rather complicated process since many factors must be considered. You can contact our lawyers, who will help you obtain a work permit.
The list of our services includes:
We provide services for obtaining a crypto license and in the following jurisdictions:
Crypto license Dubai
You can contact our specialists in advance to learn more about the regulation of the crypto industry, and our experts will answer all your questions. A detailed consultation takes a lot of time since it is necessary to study the features of your organization to understand how this jurisdiction suits you.
You can issue a power of attorney for our specialists, and they will help you get a turnkey permit. In this case, your participation in this process will be minimized, and you will be able to devote more time to more important things.
You should constantly expand and enter new markets to develop your business successfully. Among all the countries in the Middle East, the UAE has the most lenient regulation of the crypto industry, and it will not be challenging to obtain a work permit here. Having a permit in this jurisdiction will allow you to attract new investors and clients, which means you will make big profits if you want to get a work permit in the shortest possible time. you can contact the specialists of our company. They will tell you more about the crypto industry regulation, help you collect the necessary documents, and help you ensure that your organization meets all the requirements of government regulators.
To get a permit, you must comply with the terms of the government bodies. The state authorities will study your organization’s activities and check all the papers provided, after which they will decide.
You need to apply to the government bodies and fulfill all their requirements to get it. You must prepare all the necessary documents in advance and check how your organization meets the needs of government agencies.
The cost of obtaining a crypto permit depends on various factors. To find out the exact price, you can contact our specialists.
Senior Partner, Lawyer
Senior Partner, Lawyer