Cryptocurrency, known as “crypto,” is a type of digital or electronic currency that utilizes encryption to verify and secure transactions. Unlike traditional currencies issued by governments, cryptocurrencies function on decentralized networks powered by blockchain technology. This enables secure and transparent transactions without the need for intermediaries like banks. The 

The UAE is emerging as a top destination for investors seeking to obtain a crypto license in Dubai. Several business zones in the country are already well-known for crypto-related activities. You can apply for a cryptocurrency license in UAE through the following free zones: DMCC, DIFC, or by setting up a representative office in the Dubai area. 

Various Cryptocurrency Licenses Available in UAE 

The United Arab Emirates offers various cryptocurrency licenses through different free zones, each designed for specific business activities: 

DMCC Crypto License: The Dubai Multi Commodities Centre (DMCC) provides a free economic zone for crypto businesses. There are two types of licenses: Cryptocurrency Trading and Distributed Registry License. 

RAK DAO Crypto License: The RAK DAO Crypto License enables businesses in Ras Al Khaimah to operate legally in the cryptocurrency and blockchain sectors.  RAK DAO Crypto License, offering entrepreneurs robust regulations, excellent infrastructure, and comprehensive services for virtual asset businesses 

ADGM Crypto License: Abu Dhabi Global Markets is a financial free zone with comprehensive regulations for crypto transactions. Its license covers activities such as exchange, storage, buying, selling, and asset management. 

DWTC Crypto License: The Dubai World Trade Center (DWTC) focuses on virtual assets and blockchain industries. It collaborates with the Virtual Asset Regulatory Authority (VARA) to establish a regional crypto hub. 

Steps for Cryptocurrency Business Setup in Dubai

 1: Registering Your Legal Entity and Choosing a Business Name 

Starting your cryptocurrency business in Dubai begins with registering a legal entity and selecting a suitable business name. This includes pre-registering your entity and choosing a unique name for your company. If you need assistance with name selection or company formation, Corpin’s Business Setup team is here to help. We ensure that you meet all registration requirements and government standards. 

 2: Choosing a Jurisdiction and Licensing Requirements 

After registering your entity and choosing a name, the next step is to select the right jurisdiction and understand the licensing criteria for your cryptocurrency business in the UAE. Decide whether you want to establish a representative office in a free zone or on the mainland. The Dubai Multi Commodities Centre (DMCC) is highly recommended for obtaining a crypto license. Our team will assist you in obtaining the required cryptocurrency license in the UAE after you select your jurisdiction. 

3: Bank Account Opening 

It’s important to start the process of opening a corporate bank account as the third step. This includes depositing the minimum authorized capital required for your cryptocurrency license in the UAE. 

4: Assisting with Document Collection 

As part of the licensing process for your cryptocurrency business, you will need to compile essential documents. This includes a business plan, financial plan, certified founder documents, AML/CFT policies, and any other paperwork required by local regulatory authorities. Our legal team can assist you in preparing a comprehensive set of documents to support your licensing application. 

 5: Obtaining Your Cryptocurrency License 

To acquire a cryptocurrency license in the UAE, you must comply with the requirements set by regulatory bodies such as the Financial Services Regulatory Authority, the Dubai Financial Services Authority, and the Securities and Commodities Authority. Corpin Consultants is ready to help you navigate the procedures needed to apply for a UAE crypto exchange license. We will work directly with the relevant free zone authority or municipality if you choose to register in a different location. 

Crypto Currency Business & Tax Benefits 

The UAE provides attractive tax benefits for cryptocurrency businesses: 

Corporate Tax & Federal Income: Companies focused solely on cryptocurrency trading or receiving it as salary benefit from a 0% tax rate. 

Value-Added Tax (VAT): While there are no federal taxes, a 5% VAT has been in place since 2018 for regular transactions. Your business may be tax-exempt but could still be subject to VAT on these transactions. 

Start Your Cryptocurrency Business in Dubai, UAE With Corpin! 

A crypto license in Dubai offers a fantastic opportunity for visionary investors to explore profitable ventures in the innovative financial sector. 

We provide comprehensive business support to ensure a smooth launch for our clients in Dubai and UAE. Work with our business setup experts, who will take care of all the details for you! 

If you have any questions or need assistance, please don’t hesitate to call   Ebi Kadavan at +971 55 843 2911, or you can email us at info@corpinconsultants.com to schedule a meeting.