Crypto is open, transparent, and trackable. One cannot identify who is behind the money transfer thus enabling individuals to have privacy. These are decentralized which means it isn’t available to everyone. They are not controlled by any authorities. Cryptocurrencies are recognized worldwide and the value of the currency does not vary from country to country. According to an agreement between DMCC authorities and SCA (Security and Commodities Administration Authority), investors can obtain the necessary licenses for operating a cryptocurrency business.
To summarise, in this free zone you will have the opportunity to build a stable and profitable business and this is possible due to the crypto and blockchain technologies that DMCC provides.
Issued to the companies that conduct proprietary trading in crypto commodities. This license covers activities like buying and selling crypto-commodities that are developed on distributed ledger technology operations. DMCC will not issue the license to the company engaged in activities such as a crypto exchange, crypto brokerage services. It doesn’t cover financial services, banking services, storage services, or payment processing. Prior approval from the DMCC Free Zone Management is required. A crypto license in DMCC is subject to a minimum share capital requirement of AED 50,000
Require minimum capital of AED 50,000/-
You can also get this license to cover other crypto-currency-related activities. For example – You can provide database management solutions Ancillary Services based on Distributed ledger technologies like Blockchain It does not allow you to trade in or set up an exchange for currencies or any cryptocurrencies. It does not cover activities like providing financial services, brokerage and payment processing.
1. Firstly, approval from the DMCC Management then only you can apply for the license
2. Submit the cryptocurrency license application form to the concerned authorities(DED)
3. Submit general documents of the shareholders such as passport copies and photographs
4. have to make a brief business plan and also share capital to operate the company successfully.
5. Choose a suitable office space and make a tenancy contract.
6. Need to make the required payment for the DMCC Crypto License and office Rent.
If the company wants to do business in Free zone as well as in Mainland then they should go for DMCC crypto Trading Dual License. Mainland division of dual license is structured as a branch of the free zone company rather than a subsidiary.
Stage 1- Expression of Interest and pre Approval
Stage 2- Registration
Stage 3 – Licensing
Stage 4 – Post Licensing
Establishing a new Crypto company, it may take approximately 4 weeks.
It is also essential to fulfill some requests from government authorities regarding the disclosure of VAT, anti-money-laundering, etc. You are independent to choose cryptocurrencies exchanges you wish to utilize for your company.
Thanks to the lenient cryptocurrency laws in the UAE, it is a good time to set up a crypto business in Dubai. Connect with the crypto experts at the Alya Auditors, and we’ll take care of the rest.
We help you finalize the location, obtain a crypto license, and much more at cost-effective prices!