Start your cryptocurrency business in Dubai with NHBC
October 6, 2022
How to get a cryptocurrency license in Dubai? Steps to set up your cryptocurrency business in Dubai, NHBC company setup experts establish your business in UAE!
How to start your cryptocurrency business in Dubai?
Cryptocurrency is a popular business attracting investors to grow their wealth in this digital world. The new digital currency is expected to reach mainstream business in the coming years. Cryptocurrency in Dubai is growing at a lightning-fast speed allowing more useful commercial transaction activities. Therefore, starting a cryptocurrency business is a smart move in Dubai or UAE.
Dubai has turned out to be the best cryptocurrency market in the world. The dynamic rise of such firms has completely altered the business structure and encouraged more investors to obtain their cryptocurrency licenses in Dubai.
How to get your crypto license in Dubai?
Dubai has become the prime destination for the world’s cryptocurrency business. If you want to start your own company, then you need a commercial license with approval from three major departments in Dubai.
A Cryptocurrency license comes under the category of ‘commercial license’. A commercial license is necessary to involve in any trading activity in UAE. The cryptocurrency exchange is connected with the trading of bitcoins and crypto coins. Since cryptocurrency has become the main stream business in several free zones. The companies indulge in activities such as crypto asset handling, crypto trading, bitcoin trading, and other related activities.
The Dubai airport free zone (DAFZA), Sharjah research technology and innovation park, and the Dubai Multi-commodities center (DMCC) are the free zones that offer crypto licenses to trade and manage their assets in Dubai, UAE.
What are the requirements for a crypto license in Dubai?
The UAE government introduced several eligibility requirements before submitting their license application,
- Initially, get the commercial license form given by DED
- Give the passport copies of partners linked with your business.
- It’s necessary to have a clean and clear crypto wallet record without any fraudulent activity.
- Make sure to keep your capital resources visible for at least six months of operation.
- Incorporate all the crypto assets within the ‘UAE financial free zone’ authorized by the UAE government.
- As the last step, submit your business plan to relevant government authorities or departments.
How to setup your crypto business in Dubai?
Crypto enthusiasts can start their business by following the below steps,
- Find a company name
Initially, you have to decide on a company name, avoid using profane words or reputed trade names. Additionally, make it simple and easy to remember.
- Find a jurisdiction
After deciding the name, find jurisdiction to start your business whether it's Dubai freezone or mainland. The free zone has no currency restrictions and allows profit repatriation. Alternatively, the mainland provides easy access to all the Emirates in UAE.
- Get your cryptocurrency license
Once you’re done with the above steps, submit your license application to the concerned department. It may be hectic to handle all these processes alone, so consider cryptocurrency business setup experts like New Horizon business consultants in Dubai.
- Meet the compliance regulations
Bitcoin trading or cryptocurrency trading is similar to financial trading in Dubai. So, you need the correct license to start your business, submit audited accounts, and comply with anti-money laundering regulations.
How NHBC helps your cryptocurrency business setup in Dubai?
Today, UAE has become a pioneer in the cryptocurrency industry. Currently, there are 400crypto businesses and it’s expected to reach 1000 by the end of 2022.Therefore, Dubai is finding new options to boost its digital economy.
New horizon business consultants understand the crypto industry to meet your requirement sand guide you throughout the process of cryptocurrency business setup. Our consultants support you in finding the best location and achieve crypto license at cost-effective prices. Not only company formation, but we help you manage and grow your business.
Now it’s time to start your cryptocurrency business in Dubai, feel free to share your requirements. If you would like to know more about how we can help your business explore new markets, please call us at +971 58 500 8643 or email us at firstname.lastname@example.org and we will get back to you at the earliest.