Blockchain and Cryptocurrency
When it comes to commerce, there is no single doubt that Dubai is among the most important business capitals of the world. The emirate is a prime destination for investors looking to expand established businesses or to venture into new commercial activities. Dubai’s desirability as a commercial destination can be attributed to its impeccable infrastructural development, extensive application of various technologies, and a favorable business environment that promotes growth and profitability.
The business appeal of cryptocurrencies
It is for this reason that if you want to venture into cryptocurrencies, you should definitely consider setting up your crypto company in Dubai. This is because the demand for crypto assets is only going to keep expanding as more people learn about crypto’s immense profit potential. But what exactly are they? Essentially, cryptocurrencies are virtual/digital currencies that are based on a decentralized ledger system called the Blockchain. This means that there is no central monetary authority like a Central bank governing the supply and distribution of cryptocurrencies. This allows people to transfer money through peer-to-peer transactions which are cheaper and free of the interference of third-party intermediaries. Crypto doesn’t only offer an alternative medium of payments to fiat money but is also a valid asset class just like stocks and bonds. Therefore, there is no doubt that with proper planning and execution, you can mint a lot of profits by setting up a cryptocurrency company in Dubai. So how exactly can you begin a successful Dubai Blockchain company?
Setting up a crypto business in Dubai
The following is a comprehensive outline of the steps you should take to begin your Dubai cryptocurrency company;
a) Settle on a business name
For branding as well as regulatory purposes, you must choose a suitable name by which your crypto business in Dubai will be identified. Do the necessary checks to ensure that the company name you settle on is unique and not owned by any other entity.
b) Choose the best economic zone that suits your needs
Once you have decided what to name your Dubai cryptocurrency company, you should then decide whether you will set it up on mainland Dubai or in one of the free-trade zones. Free zones are economic zones specially set aside for expatriate investors. These free zones offer businesses tax deductions and custom duty deductions to encourage foreign investment. However, if you are focused on making your customer base as expansive as possible, you can opt to set your Dubai crypto business on the mainland.
c) Obtain the relevant licensing
The next step once you figure out under which jurisdiction to set up your Dubai crypto business is to obtain legal approval to operate from the relevant regulatory bodies. This means that you should look for a cryptocurrency license. For optimal convenience, it is advisable to hire the expert services of professional business consultants like Rockefeller Zone consultants. This will help to expedite the process for you as well as to reduce the costs and inconveniences involved in manual application for licensing.
d) Compliance is vital!
While it is a very thorough process, with the right expertise, setting up a cryptocurrency business in Dubai is not very difficult. However, full compliance with statutory regulations is a deal breaker. Therefore, don’t jeopardize your license by failing to abide by the stipulated rules. This means you must avoid money laundering, funding of terrorist activities, and any other illicit activities that might be considered contraventions to the crypto trading laws of Dubai.
Understanding license issuance for Dubai Blockchain companies
Every single step in the process of setting up a Blockchain company in Dubai is important. However, licensing is the culmination of the entire process and is what gives you as a businessperson the legal approval to start your cryptocurrency business in Dubai. Commercial licenses for cryptocurrency companies in Dubai can either be obtained online or offline. As such, there are two main types of cryptocurrency licenses issued by the Dubai Multi Commodities Centre (DMCC);
- Crypto trading license; This license is issued to businesspeople to allow them to trade cryptocurrencies through selling or buying them. However, crypto trading licenses do not give businesses in Dubai the legal approval to set up other crypto-related enterprises like cryptocurrency exchanges, brokerages, and other finance-related services.
- Distributed ledger technology license; This license is designed for crypt businesses that provide the infrastructure required to facilitate crypto activities. They include database management solutions and other decentralized technologies. Businesses issued with this license are prohibited from trading crypto commodities or providing financial services.
The requirements for getting a license for a cryptocurrency company in Dubai?
For you to get a license for your Dubai cryptocurrency company, you must fulfill the following;
- You must obtain a form for a Dubai commercial license from the Department of Economic Development (DED).
- Submit copies of all partners’ and shareholders’ passports to the relevant government authority supposed to license your Dubai cryptocurrency business.
- Ensure your crypto transaction history using your crypto wallet is not tainted with any case of illicit activity like fraud or money laundering.
- Ensure there is full transparency regarding the financial resources of your Dubai crypto company required to meet operational costs and other expenses for up to a period of twelve months.
- Officially incorporate all your cryptocurrency assets with the authorized UAE financial free zone.
- Present a complete and comprehensive business plan to the relevant government departments charged with authorizing the operation of your Blockchain company in Dubai.
Steps for obtaining a cryptocurrency license in Dubai
- Download then fill up the cryptocurrency license application form from the government authority in charge of the jurisdiction where you want to start your Dubai crypto company
- Include the name of your Dubai crypto company and the names of all its shareholders in the form
- Submit all the requisite paperwork to the government authority in charge of the area in which you want to set up your cryptocurrency business in Dubai
- Ensure you pay the application fees to the jurisdictive authority governing the place where you want to establish your cryptocurrency business in Dubai
- Once the validity of all the documents you have presented are verified and authenticated, you will get a license for your cryptocurrency company within one week
Grab your opportunity today and build a prosperous Dubai cryptocurrency business!
While the crypto industry is relatively new, it is not extremely complicated to succeed in it. All you need to do is have the right business vision, choose a prime business location like Dubai, and have a team of experienced experts to assist you in setting up your Dubai cryptocurrency company. That is exactly what Rockefeller Zone business consultancy offers you. With a qualified team of business experts who have extensive experience and who possess a keen understanding of how to set up a successful crypto business in Dubai, RFZ will help you to achieve the vision you have for your company. Therefore, grab your chance today and hire our expert services today in order to build one of the most profitable crypto businesses in Dubai!
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