How to set up a crypto business in Dubai?

What are the requirements for the Cryptocurrency License in Dubai?

Before you can apply for a cryptocurrency license in the UAE, you must first complete a certain qualifying standard that has been set forth by the UAE government for regulatory purposes:

  • Crypto Assets must be incorporated with UAE financial free zone departments.
  • Your capital resources and operational expenses must be visible for more than 6 to 12 months
  • No deceitful activities are allowed and clean records are required
  • Your information must be secured in a crypto wallet
  • Copies of valid passports of your business members
  • Commercial license form issued by DED

How to obtain a license?

To obtain a license, there are several steps to follow:

  • Proof of sufficient capital to operate the business for at least 6 months successfully.
  • A strict KYC Norm has to have adhered
  • The investors must demonstrate strict compliance with the Anti-Money Laundering and Counter-Terrorism Financing Laws of the UAE
  • Disclosure to Value-Added-tax, Anti-Money laundering, and other Government authorities on request must be fulfilled
  • Secured information of client’s financial information – safeguarding against cybersecurity

Then your next step is to choose your legal structure – sole proprietorship, LLC Company (Limited Liability Company), the one-person company recognized by DED. Chose a company name and submit the crypto registration form to the DMCC authority. Include a copy of each shareholder’s passport photo and a thorough business plan along with the required minimum capital. Present a brief business plan and select an office space. Make the necessary payment to the relevant government which will grant you a cryptocurrency license. Within a week of the approval, they will offer the cryptocurrency license if everything with the application and formal company documentation checks out.

To establish a cryptocurrency fund, you will need:

  • Credentials for a cryptocurrency wallet;
  • platform;
  • strategy or plan;
  • description of the profit-sharing plan for investors.

Empire Global has a team of experienced professionals who will assist you through the entire process of starting a crypto fund in Dubai, License application including assistance in the preparation of documents, and submission of applications. We request you get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Dubai Proprietary Trading License.

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