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How to get Crypto License in Dubai?

To start your cryptocurrency company in Dubai, a crypto trade license is required. The cryptocurrency license is considered in the category of “commercial license”. This “commercial license” is important for all the commercial procedures that involve the trading process in Dubai. The cryptocurrency business and trade in Dubai is linked with the trading of Bitcoins and all other crypto coins. This crypto license grants you permission to do all other major cryptocurrency trading in Dubai.

Each country typically has a set of regulation and compliance requirements for crypto exchanges. In most cases, all crypto exchanges in the UAE must apply and fulfill the requirements from several bodies including the SCA, ADGM, and the respective Free Zone authorities. On top of it, every exchange must also obtain a crypto license issued by the local authority, depending on the Free Zone that they operate in.

Law Governing Crypto Trading in the UAE

Currently, crypto licenses in the UAE are issued by several authorities and Free Trade Zones:

DMCC (Dubai Multi-Commodities Centre)

DAFZA (Dubai Airport Free Zone Authority)

ADGM (Abu Dhabi Global Market)

Company must be eligible to apply based on the below criteria:

The company must own enough capital needed to operate the business for at least 6 months ahead.

The company must follow the strict KYC Norm.

The company must fulfill the disclosure for value-added tax, anti-money laundering, and other government authorities on request.

The company must be able to secure the clients’ financial information to prevent cybercrimes.

Company must follow the legal procedures to obtain the license by doing the following steps:

Submit the crypto license application form to the respective Free Zone authority.

Submit the required documents of the shareholders such as passport copies and photographs.

A brief business plan and share capital to successfully run the company.

Prepare a suitable office space according to the requirement and prepare the tenancy agreement.

Pay the required amount of capital for the license and office rent.

After that, the respective Free Zone authority will examine the application and once it’s approved, the crypto license will be issued for the company. Suppose the owner of the company is a non-UAE resident, they can then submit an application for a UAE residence visa and open a corporate bank.

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