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UAE Crypto License

Increasing demand for diversified strategies to grow wealth has led to the popularity of Cryptocurrencies worldwide. The new digital currency will likely become ubiquitous in business operations soon. Dubai is moving forward with cryptocurrency regulations. The UAE is taking steps to be on the cutting edge of future economic development.

Dubai already has certain free zones where you can open a crypto license. Several local registration authorities are working on crypto legislation, which enables the UAE to make crypto more accessible.

Leading global brands like Binance plan to expand in the UAE in 2022. The exchange will be Dubai's first international cryptocurrency exchange. Thus, it is evident that UAE will become a regional crypto center serving the entire Middle East.

Discover the latest developments in UAE crypto licensing with the help of the business setup advisors at Helen and Sons.

What is the best place to get a crypto license in the UAE?

ADGM Crypto License

The Abu Dhabi Global market launched the first comprehensive regulatory framework for virtual assets in 2018. It has attracted several major crypto companies that have since settled in their regulated financial free zone dealing with cryptocurrencies. The company currently offers a variety of crypto-related activities:

✓ Crypto asset exchanges

✓ Crypto asset custodians

✓ Purchase, sale, and exercise of any right in recognized cryptocurrencies

✓ Handling the crypto assets of another individual

✓ Offering custody of cryptocurrency assets and setting plans with another person in mind

✓ Trading of cryptocurrency

DMCC Crypto License

Cryptocurrency related businesses in Dubai require an investor to register a company with the Dubai Multi Commodities Center (DMCC) and obtain a Cryptocurrency License. However, the DMCC provides crypto licenses in Dubai even though it's not an official free zone for financial services.

✓ Services for distributed ledger technology

✓ Proprietary cryptocurrency commodities trading

✓ E-marketplace for NFTs provider

✓ Provider of metaverse services

DWTC free zone crypto license

A DWTC Authority Free Zone appeals to businesses interested in establishing permanent representation in offshore zones supervised by the Securities and Commodities Authority. The pursuits on offer are as follows:

✓ Trading in crypto-commodities privately

✓ Services for distributed ledger technology

DAFZA crypto license

There is currently only one kind of crypto license offered by DAFZA,

✓ Proprietary trading in crypto-commodities

IFZA Free Zone Crypto License

IFZA is one of the most competitive free zones for Dubai free zone company formation. Investments are facilitated with cost-effective fees and transparent procedures. Starting from zero visa companies to multiple visa options, IFZA offers a wide range of packages. The IFZA provides a wide range of business services:

✓ Consulting

✓ Service

✓ Trading

UAE CRYPTO LICENSE REQUIREMENTS

You will have to decide which licensing authority, what process to follow, and how much it costs depending on what business activity you are going to perform.

Registration of crypto businesses in UAE generally involves the following steps:

✓ Determine your line of business

✓ Develop a business plan.

✓ Apply to the licensing body where you want to receive a certification.

✓ Comply with legal requirements

✓ Obtain a license

Cryptocurrency exchanges or proprietary training firms have different regulatory requirements. It will also have a huge impact on the costs and capital requirements.

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  • Laws governing cryptocurrency in the UAE

  • Cryptocurrency regulation in UAE is controlled by the FSRA (Financial Services Regulatory Authority) at the ADGM (Abu Dhabi Global Market). Cryptocurrency License criteria and guidance on the use of cryptocurrencies in business are published by the Agency.

A governmental body responsible for setting rules and regulations for crypto activities in the UAE is the Securities and Commodities Authority (SCA).

A stable coin or stored value facility are regulated by the UAE Central Bank.

A new guidance on crypto asset activities has been established for the ADGM free zone, but it is in line with the SCA guidelines.

The risks connected with crypto assets

Crypto assets carry risks that the UAE acknowledges. Money laundering and terrorist financing pose the biggest risks. The following are the fundamental regulations that any company dealing in crypto assets should develop:

✓ FATF recommendations and international best practices

✓ UAE Anti Money Laundering and Combatting Terrorism Financing laws

✓ Anti-Money Laundering and Sanctions Rules and Guidance (ADGM)

A high-quality sales force has been deployed by Helen & Sons Business Consultants, who specialize in technologies, cryptography, and blockchain. Our goal is to provide the entrepreneurs with affordable services, helping them along the way and establishing a long-term relationship with them.