The cryptocurrency business is becoming increasingly popular all over the world. Many investors are looking for diversified ways to increase their profits. Obtaining a crypto exchange license UAE has become a very common request. Free zones allow you to manage cryptocurrency assets, bitcoin trading, and so on.
Dubai Multicurrency Center, Sharjah Research Technology Innovation Park, and Dubai Airport Free Zone provide an opportunity to obtain licenses to trade and manage your cryptocurrency assets in the country. All types of cryptocurrencies such as Ethereum, Bitcoin, Dogecoin, etc. are available for trading on Dubai online exchanges.
DMCC Crypto License in Dubai
In order to start a cryptocurrency-related business, an entrepreneur must register a company with the DMCC (Dubai Multi Currency Center). At the same time, a corresponding cryptocurrency license will have to be obtained. After this procedure, the investor can offer cryptocurrency-related services to clients, such as storage, trading, management, consulting, etc. Currently, the cryptocurrency license is regulated by the UAE government and the Central Bank.
Crypto Initiatives in DAFZA
The SCA (Securities and Commodities Authority) has signed an agreement with the DAFZA (Dubai Airport Free Zone Authority) to support cryptocurrency trading. This also applies to related activities within the free zone.
For global investors, the issuance of a cryptocurrency license is integrated with other services. In addition, there is a regulatory framework and flexible legislative support for the smooth operation of business activities from DAFZA. The issuance of a cryptocurrency license for trading by DAFZA is necessary to stimulate the growth of bitcoin trading and the entire cryptocurrency sector in the region.
Cryptocurrency Regulations in UAE
The FSRA at Abu Dhabi Global Market (ADGM) sets the cryptocurrency guidelines in UAE. It outlines how businesses can utilize cryptocurrencies and the requirements for obtaining a Cryptocurrency License. With a vigilant eye on blockchain and Bitcoin enterprises, the Authority ensures no illicit activities arise from these new payment methods. Currently, FSRA guide on Crypto Asset Activities in ADGM stands as the primary reference for crypto regulations in UAE. DAFZA Crypto License is overseen by the Securities and Commodities Authority (SCA), which supervises crypto asset activities, including offerings, issuances, and trades within DAFZA.
Requirements for Obtaining a Cryptocurrency License in UAE
To obtain a license, a company must meet a number of conditions:
- Have operating capital for a minimum of 6 months.
- Adhere to strict KYC regulations.
- Disclose information to VAT, Anti-Money Laundering, and other authorities as required.
- Ensure cybersecurity measures for client data protection.
Cryptocurrency licenses can be issued only in authorized free zones.
The SCA has teamed up with the DMCC free zone, the Dubai Government’s Department of Commodities, Trade and Commerce. This was necessary to create a regulatory framework for businesses offering cryptocurrency services in the UAE.
After the DMCC, the Dubai Airport Free Zone and Sharjah Research Technology and Innovation Park also began offering a cryptocurrency license in the UAE.
How Specialists Can Assist You
After assessing your situation, Prifinance lawyers will select the best solutions for your business, including cryptocurrency licensing. To determine the best options, simply provide information about your business case and goals.
