Head of International Corporate Law and Fintech Practice

A specialist in the practice of migration and corporate law, he also specializes in legal support for business in EU countries.

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The UAE uses almost the most in-demand as a jurisdiction to receive crypto licenses. Receiving a crypto license in the UAE (United Arabic Emirates) covers sprat stages and requires compliance with certain regulatory requirements. The crypto license gives be ability to engage in various types of cryptocurrency and blockchain activities in the country.

Conducting crypto business in the UAE has many advantages, in particular:

  • possibility to have 100% foreign property in local companies;
  • absence transfer restrictions income and capital companies;
  • favorable tax regime – 0 % income tax enterprises for the next 50 years’ activities;
  • 0% tax rate on import and re-export;
  • absence of currency restrictions;
  • absence of restrictions on the engagement of foreign employees to work in the company;
  • There are no requirements for residency when submitting an application for receipt of such licenses.
  • possibility of release of the project from payment of VAT, which from 2018 is 5%

The general review process for receiving a crypto license in the UAE looks as follows:

  • Choice of license type: Available in the UAE sprat types of crypto licenses, including an exchange license cryptocurrency, storage license cryptocurrencies, and others. Select the type of license that corresponds to your business plans.
  • Register company: Before applying for a crypto license, you need to register a company in UAE. You can choose from different business areas such as Dubai International Financial Center (DIFC) or Abu Dubai Global Market (ADGM).
  • Preparation documents: Prepare all necessary documents, including a business plan, financial documents data, questionnaires about property and financial sustainability, summary of key member’s teams, and other necessary documents.
  • Applying: Complete the application for a crypto license and submit all necessary documents to the regulatory body that supervises cryptocurrency operations in the UAE.
  • Verification and approval: The regulatory body will check your documents and business plan. This stage may occupy some time and may be necessary to grant additional information or answers to questions.
  • Output licenses: If your application is approved, you will be issued a crypto license that will enable you to officially engage in cryptocurrency operations in the UAE.
  • Compliance regulations and regular reporting: After receiving a license you should strictly follow every regulation and law that regulates cryptocurrency activity in the UAE. It also may provide regular reporting to the regulatory body.

Open crypto license in the UAE is possible only in certain zones: DMCC, IFZA, ADGM, DWTC, and DAFZA. It is believed that the most successful free zone is DMCC (Dubai Multi Commodities Center).

License requirements, conditions she receives, and the opportunities it provides depend on the chosen economic zones.

Although there are general rules that provide crypto licenses:

  • availability of certified copies of documents founders
  • Cryptocurrency companies should provide a high level of security and protection for virtual one’s assets and data customers that using modern technologies encryption, multifactor authentication, and measures regarding the prevention of unauthorized access
  • compliance KYC policy (“know your client “) and AML (counteraction washing funds), which provides identity verification of customers, collection of relevant documents, and verification procedures criminal of the past

Regulation of cryptocurrencies and blockchain projects in the UAE is carried out by the FSRA (Regulatory Authority Financial Services).

This body issues management documents of cryptocurrency. He also controls blockchain business to provide transparency as well as to prevent money laundering and financing terrorism.

Importantly remember that in the majority of cases, licensed cryptocurrency companies in Dubai are necessary to register in Management with regulation virtual one’s assets (VARA).

You have to be ready for what cryptocurrency companies may be regularly inspected by VARA or other regulatory organs.

And in case detection violations or shortcomings can be used appropriate measures, including fines, restrictions activity, or recall licenses.

Companies should develop and implement clear internal policies and procedures that cover all aspects of their cryptocurrency activities.

It includes setting processing rules for transactions, management risks, compliance control legislation, and staff training.

The average term of receipt crypto license in the UAE is 4 weeks.

The final cost of receiving crypto licenses is defined by each individual depending on the case from creation costs company, payment for submitting an application for receipt crypto licenses, and opening a corporate account at EMI (outside the UAE).

What services do we offer?

  • Legal accompaniment registration companies in Dubai;
  • legal support in designing payment license services;
  • legal accompaniment and discovery bank account.

Our experienced team worked on big number of licenses in Dubai and throughout the world Please fill out the contact form below and a lawyer from our teams will contact you.

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Taras Miroshnychenko
Head of International Corporate Law and Fintech Practice

A specialist in the practice of migration and corporate law, he also specializes in legal support for business in EU countries.

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