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UAE crypto license 2024

Starting business in Dubai

  • Crypto licence in Dubai

  • Where to get crypto licence in UAE

  • How to get UAE crypto licence

  • Crypto regulations in UAE

  • Crypto asset risks

  • Dubai crypto licence costs

Crypto licence in Dubai

Forget crystal balls, Dubai's crypto regulations are here to stay!  The UAE is taking big steps to lead the future of finance, and crypto licensing is a major part of that plan.


Here's the cool stuff:


  • You can already get a crypto licence in specific areas of Dubai called "free zones".

  • In 2022, they created a whole new authority just for crypto, the Virtual Asset Regulatory Authority (VARA). ‍

  • They've even laid out clear rules for crypto exchanges to get licensed.

  • Big names like Binance, Coinbase, and Bybit are already playing ball.


Not just Dubai, even Abu Dhabi's got its own crypto game going with the ADGM. They've licensed exchanges like Gemini and Rain too.

The UAE is aiming to be a global crypto hub, serving the whole region.


Want to join the party? Al-Jazat advisors can help you navigate the latest crypto licensing developments in Dubai.


So, ditch the predictions and jump into the exciting world of UAE crypto!

Where to get crypto licence in UAE

Thinking of launching your crypto venture in the United Arab Emirates? Look no further! Here's a breakdown of the different free zones and the types of crypto licences they offer:


1. ADGM Crypto License:

  • Location: Abu Dhabi Global Market (ADGM), a regulated financial free zone in Abu Dhabi.

  • Established: 2018

  • Activities: Wide range, including crypto exchange, custody, trading, management, marketing, and more.


Think of it as: The comprehensive option for serious crypto players.


2. DMCC Crypto License:

  • Location: Dubai Multi Commodities Centre (DMCC), not a regulated financial zone but a leader in Dubai's crypto scene.

  • Established: 2022

  • Activities: Distributed ledger technology services, proprietary trading in crypto commodities, NFTs, metaverse services.


Think of it as: The versatile option for diverse crypto-related businesses.


3. DWTC Free Zone Crypto License:

  • Location: Dubai World Trade Centre (DWTC), one of the first free zones offering crypto licenses under the Securities and Commodities Authority.

  • Established: To be announced (expected soon)

  • Activities: Proprietary trading in crypto-commodities, distributed ledger technology services.


Think of it as: The up-and-coming option for those seeking regulatory oversight.


4. DAFZA Crypto License:

  • Location: Dubai Airport Free Zone (DAFZA)

  • Established: 2023

  • Activities: Proprietary trading in crypto-commodities.


This is just a starting point. Each free zone has its own regulations and fees, so be sure to do your research before making a decision.


Ready to explore the exciting world of UAE crypto?


This information is for general guidance only and does not constitute professional legal or financial advice. Please consult with qualified professionals before making any decisions.

How to get UAE crypto licence

So, you're ready to launch your crypto venture in the UAE? Awesome! But before you dive in, there's some key info to navigate the licensing process. Remember, the specifics depend on your exact business activity:


Step 1: Know Your Game

First things first, clarify what you're doing. Are you running a crypto exchange, a trading firm, or something else entirely? Knowing your business activity will guide you to the right licensing authority and help you understand specific regulations.


Step 2: Plan Your Play

Craft a solid business plan. This isn't just for show; it helps you understand your vision, operations, and financial projections, which can impress licensing authorities.


Step 3: Choose Your Champion

Pick your licensing authority. Each free zone has its own rules and fees, so do your research! Popular options include ADGM, DMCC, DWTC, and DAFZA.


Step 4: Level Up

Meet the regulatory requirements. Be prepared to provide documents, pass compliance checks, and adhere to specific rules based on your activity and chosen authority.


Step 5: Claim Your Trophy!

Congratulations, you've got your license! Now you can legally operate your crypto business in the UAE.

Crypto regulations in UAE

Setting up a crypto business in the UAE can feel like navigating a labyrinth, but worry not! Here's a simplified guide to the key players:


1. Securities and Commodities Authority (SCA):

Think of them as the main regulatory body, setting the rules for most crypto activities. They're like the game referee, ensuring everyone plays fair.


2. UAE Central Bank:

These guys keep an eye on stored value facilities and payment tokens like stablecoins. They're like the financial guardians, making sure everything is secure and stable.


3. ADGM Free Zone:

This specific zone has its own crypto rules, but they still follow the SCA's lead. Imagine it as a special game zone with slightly different rules, but still under the same referee's supervision.


4. ADGM Financial Services Regulatory Authority (FSRA):

They directly govern the ADGM zone, with their own rulebooks and guides. Think of them as the zone's local enforcers, making sure everyone adheres to the specific rules within that area.


Each player has their own role, so understanding who does what is crucial for navigating the crypto scene in the UAE smoothly.


Now go forth and conquer the UAE crypto world with confidence!

Crypto asset risks

The UAE wants you to enjoy the exciting world of crypto, but also play it responsibly. They recognize the potential risks, like money laundering and terrorism financing, and want to keep everyone safe. So, here's what you need to know:


1. Rules of the Game:


  • Any company dealing in crypto needs to play by a clear set of rules. These rules are based on:

    • UAE's anti-money laundering and anti-terrorism laws.

    • Specific regulations for the ADGM free zone.

    • International standards like those set by the Financial Action Task Force (FATF).


2. Transparency & Risk Management:


  • The UAE wants things transparent and risks minimized. The key principles you need to follow are:

    • Know your customer (KYC) and due diligence: Identify your customers and understand their activities.

    • Strong governance, systems, and controls: Have clear internal rules and processes to prevent bad actors.

    • Reporting obligations: Report suspicious activity to the authorities.

    • Record keeping: Maintain detailed records of your transactions.


3. Play by the Rules, Stay in the Game:

  • By following these principles, you'll not only be operating legally but also contributing to a safe and healthy crypto ecosystem in the UAE.


If you're unsure about anything, seek professional advice from legal and financial experts familiar with UAE crypto regulations. They can help you navigate the rules and ensure your business stays on the right side of the law.


So, have fun exploring the world of UAE crypto, but always remember to play it safe and smart!

Dubai crypto licence costs


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