How much does a crypto license in the UAE cost?
Dubai is the premier financial province in the UAE and is now emerging as one of the best jurisdictions for cryptocurrency trading in the world. UAE citizens can own cryptocurrencies and deposit them in e-Wallets and trade on digital exchange platforms both inside the UAE and abroad.
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How to open a crypto company in the UAE
You must have a registered company in a free zone such as International Free Zone Authority (IFZA) in Dubai, with a physical location that acts as your registered office, either in owned or leased premises or in a virtual office. As well, you must have a corporate bank account in a recognised trading bank inside the UAE. A proof of residence, together with the corporate licence, will be required by the bank in which you must open a company account.
With the company set up and registered with its trade licence, and a bank account opened, you can then apply for a cryptocurrency trading licence in Dubai from the free zone authority where your company is registered.
Changes in the rules for cryptocurrency exchanges in Dubai
The Virtual Assets Regulation Law (VAL) was passed at the end of February, 2022. It sets up a regulatory body – the Virtual Assets Regulatory Authority (VARA) that governs trading in the cryptocurrency and digital assets market in the region.
VARA is responsible for regulating the sale of virtual assets and tokens and regulating and authorising virtual currency exchanges.
Getting a cryptocurrency trading licence in the UAE
The UAE presents particular advantages for investors in crypto exchanges because it levies zero tax on company profits and allows full repatriation of profits without withholding tax.
There are no minimum fees that cryptocurrency exchanges must charge. Companies that have set up in a free zone such as the Dubai International Financial Centre or the International Free Zone Authority (IFZA) in Dubai will be able to open a crypto company in the UAE and offer services in a wide range of cryptocurrencies. Bitcoin, Litecoin, Ethereum and many others can be bought, customers ae allowed to store these assets in e-wallets and trade between themselves as well as swap for fiat currencies and vice-versa.
BaaS (Banking as a Service) is now a fundamental part of banking in the UAE, and is part of the attraction of Dubai.
When you have registered a company in a Dubai free zone and succeeded in opening a bank account with a local commercial bank, you can expect a licence to be given within two to three weeks. With that licence, you will be able to start providing your services as a cryptocurrency exchange.
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