All you need to know about Cryptocurrency Business in Dubai

The United Arab Emirates is on its mission to become a worldwide popular cryptocurrency hub attracting global investors and crypto enthusiasts to invest in its crypto market. Due to all the positive reasons, cryptocurrency companies in Dubai are rapidly growing. Even SMEs are also considering a transition into the crypto world. So, if you too are interested to invest in the UAE market and launch a cryptocurrency business in Dubai, then think no further and get on to do the right thing. This piece of article will help you explore the processes and requirements related to the crypto business as well as the Dubai crypto license.

Cryptocurrency business in Dubai and its benefits

Cryptocurrency is basically digital currency created for online use. In other words, they are money you can use to invest, trade, and make a transaction. The major feature of cryptocurrency is that it does not have a central regulatory body like a bank or government. Instead, they are controlled by peer-to-peer networks of systems. In short, these transactions can be carried out by anybody. Some examples of crypto money are Bitcoin, Ethereum, Litecoin, etc.

Additionally, you can benefit the following by establishing a cryptocurrency business in Dubai –

• The standout quality of the brand

Companies that accept crypto money tend to always stay in the news due to good reasons. It makes them stand out from their rivals. Moreover, the community using digital currency is considered fervent, and the market never ceases to support a business that is not hesitant to try new payment alternatives.

• Minimal transactional costs

Cryptocurrency is an advantageous transaction option for companies in Dubai as it reduces their operating expenses by making payments free of service charges. Furthermore, digital transactions are done globally and in close to real-time, irrespective of the sender’s and recipient’s locations. Besides, crypto transfers are comparatively less expensive than regular transactions.

• Improved safety

The use of credit cards has nurtured the growth of the online business world. It has enabled easy communication between online enterprises and their clients while doing purchases virtually. And since crypto transactions are irreversible, users get a sense of security while making international payments.

• Understanding the blockchain

Cryptocurrencies have gained popularity worldwide. Nevertheless, if the current trend tends to continue, blockchain technology may also become prevalent. Therefore, with the rising phenomenon, early adopters will have a major advantage over those who arrive later.

• Information security

Every now and then, there are breaking stories about big corporations losing client data. Due to the lack of personally identifiable data, customers are exposed to identity theft and fraud, leading to a loss of their hard-earned wealth.

On the contrary, cryptocurrencies offer improved privacy in payment procedures. The user can choose to disclose as little or as much information as they prefer.

• Global Recognition

The business-centric policies and the leading economy have always kept UAE at the topmost position in the business world. Now, the country is all set to become a leading crypto hub for aspiring enterprises. Establishing a crypto business in Dubai would [provide you with opportunities to network and build strong corporate relations with other countries, businesses, stakeholders, investors, and buyers around the world.

• Less compliance

As mentioned above, businesses operating and residing in Dubai have less taxation compliance compared to other countries. That simply means they do not have to pay corporate tax or income tax. Thus, it makes Dubai one of the most beneficial locations to start a cryptocurrency business.

Procedure to set up a cryptocurrency business in Dubai

So, here’s how you can launch your crypto business in Dubai –

• Decide a business name

Firstly, come up with a business name that’s simple yet unique and attractive. Also, make sure that the selected name is easily recognizable and complements your business operations as well.

Shuraa consultants can help you find the right name for your crypto company while abiding by the rules and guidelines of the UAE government.

• Pick an ideal jurisdiction

When it comes to setting up a business in Dubai, investors have two primary options for locations – the Mainland and the Free zones. Both come with different benefits. Therefore, you can choose the one that suits your business type, size, and activity.

• Register for a crypto license

Once you fulfill the above consideration, register for a Dubai crypto license. All you need to do is submit the application to the concerned regulatory authority. To ensure a smooth application process, collaborate with the crypto business setup consultants at Shuraa.

• Follow the compliance requirements

To operate crypto trading successfully in Dubai, every business has to duly comply with the mandatory requirements, regulations, and laws of the government. Any carelessness or negligence might lead to penalties, punishment, and even business repercussions.

Requirements for a Cryptocurrency business in Dubai

The cryptocurrency sector is a high-risk yet high-reward venture that is subject to instability and currency fluctuations. Therefore, it is always better to diversify your business revenue streams to endure market crashes. This whole concept of digital money and market may seem exceptionally appealing and lucrative, but it is still a new, unpredictable, and a bit risky industry. Hence, you might need to approach venture capital firms to secure finance for your crypto business.

In addition, there are certain other requirements that every investor has to meet while planning to start a crypto trading company in Dubai. These requirements are essential to obtain a relevant license as well.

All the crypto assets must be incorporated with the financial free zone departments in the UAE.

Present all the operational and capital resources for up to 6 months.

Provide accurate information and stats about your financial resources to the concerned authority in Dubai.

Ensure to maintain clean, real, and accurate records in order to carry out a smooth crypto business setup process in Dubai.

A crypto wallet is a necessity to secure your financial crypto assets.

Present authentic passport copies of all of the members involved in the business.

Apart from a crypto license, you also need to acquire a DED-approved license for a successful crypto business setup in Dubai.

Shuraa professionals can help you meet all the above requirements and assist you in a well-organized business setup in Dubai, UAE.

Free zones offering Dubai crypto license

Below mentioned are some of the popular zones in Dubai offering crypto licenses around the nation.

Abu Dhabi Global Market (ADGM)

Dubai Airport Free Zone (DAFZA)

Dubai Multi-Commodities Center (DMCC)

You may like it: A Detailed Guide to Getting an Investor Visa in UAE

Launch your Cryptocurrency business in Dubai!

You need to have the technical expertise and be passionate about technology for launching a crypto company in UAE. Specialist knowledge helps to fully comprehend the core blockchain technologies.

Connect with the cryptocurrency experts at Shuraa Business Setup and get assistance with the business location, crypto license, and a lot more at affordable prices.

Contact - +971 44081900 | [email protected]