Looking to tap into the growing crypto industry, here’s all you need to know.

Rules, regulations, and steps to open a crypto company in Dubai.

Dubai is one of the leading & most popular countries to set up crypto companies in the world today. The ease of setting up a company, and a special focus by the government on growing this sector are some of the factors that make the UAE such an attractive option, read more. 

Crypto business requirements in Dubai

  • A special license is needed to start a crypto-related business in Dubai, which is under the jurisdiction of the Virtual Asset Regulatory Authority (VARA). Before you focus on the requirements of the company, you need to check with the authorities to determine if your business idea is valid and meets the regulations.
  • A crypto mining company in the UAE will need an additional crypto license in addition to the IT company trading license in order to operate
  • The license in Dubai is given by DMCC & DAFZA and by ADGM in Abu Dhabi.
  • You and your partners will need to show proof of clear crypto wallets account, no fraudulent activity should have been reported.
  • The financial resources should be available for at least the next 6 months, the authorities can check it anytime.
  • If you are opening a crypto-trading company, the parent company should have existed for at least 5 years in another country.

For other more detail requirements, get in touch with our experts at Exillium.

Steps to apply for Crypto license in Dubai

  1. Firstly, you need to choose a name for your company. The name should meet UAE naming conventions and needs approval from the governing bodies.
  2. Choose the economic zone (free zone or mainland) where you will be registering the business.
  3. Download & submit the application form for license by Departments of Economic Develpoment (DED). The form should have all the necessary documents & follow all the compliances laid down by the governing bodies (crypto industry is regulated to avoid any money laundering or other fraudulent activities).
  4. Pay the application fees and you should get your license in a weeks time.

Due to the nature of crypto businesses there is higher scrutiny on crypto companies, so it is important to ensure all requirements are met. Get in touch with our experts to ensure a smooth sailing.

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