UAE is becoming one of the best cryptocurrency platforms in the world. The rise of cryptocurrency firms completely changed the business world and encouraging entrepreneurs to start their business in Dubai, UAE. Until the end of 2020, the cryptocurrency market capitalization was $265 Billion. About $6 billion online bitcoin transactions were recorded and making Dubai the main hub of the global cryptocurrency business center.
To start your cryptocurrency firm in Dubai, a commercial license is required and three major departments must approve your company’s credibility to establish your cryptocurrency business. Business Registration and Licensing (BRL), Dubai Department of Economic Development (DED), and Dubai Multi Commodities Centre (DMCC).
What is a Cryptocurrency License?
To do your legal business in Dubai or any other state of UAE, a trade license is required. The cryptocurrency license falls in the category of the commercial license. The commercial license is necessary for those commercial procedures which involve the trading process. The cryptocurrency business trade is directly linked with trading Bitcoins and other crypto coins. This crypto license is a permit for you to complete all other major cryptocurrency activities in Dubai.
You can get or submit the license papers in two major ways,
There are registered websites that can guide you to complete your license paperwork.
Business setup agencies are located in Dubai that can help you to submit or acquire your paperwork for a cryptocurrency license.
READ: How To Setup A Cryptocurrency Business in Dubai and UAE?
Procedure to get Cryptocurrency License in Dubai
These steps must be followed to acquire your cryptocurrency license in Dubai.
- Submit the license form to registered corporates of UAE already mentioned earlier.
- Submit the documents linked with your company’s name and shareholders.
- Submit your company’s official document to DMCC free-zone local landowners.
- Completes the application form with no essential documents missing.
- Pay the application fee after you receive the payment receipt.
- You will receive the cryptocurrency license within weeks after approval.
- 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.
Cryptocurrency Business Plan
The cryptocurrency license form will be issued by DED when you will present the inclusive business plan. The business plan for cryptocurrency license required the following guidelines:
Your business goals (short-term and long-term). Business project and how you will manage the business activities.
How you will raise the capital and what are the sources for your funds. The funding strategy includes your cryptocurrency business investors’ details or if you are self-investment then all the required documents should be submitted in the given duration. The cryptocurrency business is filled with numerous risks, you need to provide a pre-planned method to tackle risk in this business.
What kinds of cryptocurrency you will be trading or mining? What will be the final product and how you will select it?
What will be the strategy you will apply to your business plan and how you will compete with your rivals in Dubai?
READ: Cryptocurrency Business Trending in Dubai 2021
Disadvantages of not getting cryptocurrency license in Dubai-UAE
- The Company can be blacklisted and international trade activities can be permanently blocked.
- Visa can be canceled and restrictions from traveling can be applied by the UAE government.
- All the managers, shareholders even owners can be deported from Dubai.
- No local sponsors will make a deal with your company and your business activities will be halted.
- The company’s expansion plans will be terminated.
- A heavy fine will be required to pay and all the company’s assets will be ceased.
Advantages for Hiring a Business Consultancy Firm
- Business setup companies can guide you to provide essential documents to governmental departments.
- They can assist you to get a cryptocurrency license by following all the rules and regulations designed by governmental policies.
- They can offer you legal services to complete the cryptocurrency licensing process fast and securely.
- The paperwork will be completed in minimum duration and no confusion will be created between the business owners and economic departments.
How KWSME can help?
We are a team of professionals who are located in Dubai, UAE. We offer affordable services to entrepreneurs to assist them to start their business in Dubai. Along with providing license facilities we also deal with legal translation, trademark registration, VISA, and office space in Dubai. At KWSME, we have one purpose to fulfill our client’s needs and achieve customer satisfaction.
- Great Experience
- Enhance knowledge of Business in Dubai, UAE.
- KWSME can create ease for the entrepreneurs who are planning to get a cryptocurrency license in Dubai, UAE.
- We have perfect knowledge about license-providing companies which includes (BRL), (DED), and (DMCC).
- We give real-time details to our clients about all the license procedures and how to associate with governmental bodies.
- We have the best English-Arabic translators who can help you finalizing the business deals and preparing for documentation.