In order to conduct business related to cryptocurrency trading in Dubai, you will need to obtain an appropriate crypto license. The cryptocurrency license itself is considered a “commercial license”.

A Cryptocurrency License in Dubai  and the UAE permits buying and selling of crypto-commodities via distributed ledger technology but doesn’t authorize exchange or brokerage activities.

UAE, a burgeoning hub for crypto entrepreneurs, is swift in embracing technological advancements, including cryptocurrency. The introduction of the Cryptocurrency License by the government supports this growing sector, making it an opportune time to engage in the burgeoning crypto market in Dubai with the right license. Popular cryptocurrencies in the UAE include Bitcoin, Dogecoin, Solana, Litecoin, Ripple, Ethereum, Tether, Polkadot, etc., with the crypto market capitalization standing at around USD 265 billion as Bitcoin becomes globally accepted for transactions.

UAE Crypto License Requirements

The UAE government mandates several eligibility criteria for obtaining a crypto license:

  1. Secure the commercial license form from Dubai’s Department of Economic Development.
  2. Submit passport copies of all business partners.
  3. Maintain a pristine crypto wallet record, free of fraudulent transactions.
  4. Demonstrate visibility of operational expenses and capital for 6-12 months.
  5. Integrate crypto assets with government-approved “UAE financial free zone” departments.
  6. Lastly, present your business plan alongside the Dubai cryptocurrency license application.

A Step-by-Step Guide on How to Obtain a Cryptocurrency License in Dubai

When it comes to licenses in Dubai, getting a cryptocurrency license is comparatively easier than a typical license. Below are the important steps that you need to follow to register a cryptocurrency license in Dubai;

  • Start by downloading the cryptocurrency license form from the authority where you want to set up your company. Fill out the form accurately.
  • Submit the completed form along with the names of your company and all shareholders.
  • Submit all the documents to the authority to set up the company.
  • Make the payment required by the licensing authority.

If all the documents and the company application meet the requirements, you can expect to receive your cryptocurrency license within a week of approval.

What do I Need to Do to Start a Cryptocurrency Business in Dubai?

Foreign investors, aspiring entrepreneurs and prospective businessmen can start their cryptocurrency business in Dubai by following the steps below:

  • Select your desired jurisdiction.
  • Choose a name for your company.
  • Obtain a cryptocurrency license.
  • Ensure compliance with all regulatory requirements.

How Can Prifinance Consultants Help You?

The qualified professionals at Prifinance are well versed in obtaining licenses and can help with this important step. They also provide advice on setting up a cryptocurrency exchange business using their deep understanding of cryptocurrencies and blockchain. Their knowledge helps create the best solutions for clients. With the help of Prifinance, you will be able to:

  • Create a cryptocurrency exchange business structure.
  • Prepare legal documents.
  • Ensure that your business complies with all necessary regulations.
  • Get advice and assistance with tax and financial planning issues.
  • Have your business audited to ensure it is transparent and compliant with regulations.