The steady growth of cryptocurrency companies has significantly changed the global business landscape, where Dubai is positioned as an advanced center for crypto platforms.
Thus, it attracts many investors and entrepreneurs from different countries for whom obtaining a cryptocrrrency license in Dubai is a goal. In 2020, there were $265 billion in cryptocurrency investments, as well as $6 billion in online bitcoin transactions.
Now we can confidently say that Dubai is showing its status as the epicenter of the cryptocurrency arena. In order to start a business in this niche, you will need a commercial license for cryptocurrency trading, which will be approved by the relevant city departments.
Why is it Necessary to Have a Cryptocurrency License in Dubai, UAE?
The key requirement for launching a cryptocurrency company is to obtain a cryptocurrency trading license, which falls under the category of a “commercial license.” It was developed specifically for the exchange of cryptocurrencies, covering bitcoin and many others. Thanks to the crypto license, it becomes possible to carry out various cryptocurrency transactions.
Steps to Launch a Cryptocurrency Enterprise in Dubai
Below is a guide with the main points to obtain a cryptocurrency exchange license:
- Download and turn in the “license form” to the UAE’s official authorities.
- Add and send in documents for the cryptocurrency trade license that are connected to your company and its shareholders.
- Hand over your company’s main documents to the owners of the “DMCC free zone”.
- Attach a fully completed cryptocurrency license application form, making sure not to omit any crucial documents.
- Pay the necessary application fee.
- Once your documents get the green light, you should receive your Dubai cryptocurrency license within a few weeks.
Necessary Papers for Obtaining a Crypto License in Dubai
- To begin with, you need to develop a comprehensive business plan for your cryptocurrency company for the next 5-10 years.
- Provide copies of passports and visas of the owner and shareholders.
- Create several names for your company. This is to reserve one, avoiding duplication with existing companies.
- Sign a lease agreement. This is a necessary condition regardless of whether you use a virtual or physical office.
- Obtain approval from the VARA (Virtual Assets Regulatory Authority) by submitting an application:
- Detailed information about your virtual assets. These can be cryptocurrencies, tokens, and prices, distribution, and quantity should be specified.
- An overview and plan of your business model.
- Data on the target audience.
- Disclosure of funding sources and financial forecasts.
