Requirements for obtaining a crypto-license in.Dubai

The UAE is one of those countries embracing crypto-related businesses and has gone an extra mile to adopt regulations, and laws governing crypto exchange in Dubai thus attracting crypto-related businesses.

In April 2018 the UAE introduced the Emirates blockchain strategy 2021, through which the country attempts to maximize blockchain technology aiming to move 50% or more of its government transaction thus becoming the first powered blockchain government. Also, on the 9th of March 2022, Dubai recently passed a new virtual asset regulation, the Dubai virtual Asset Regulation law with a regulatory authority (VARA)one of those authorities granting a crypto license. The UAE provides flexible VISA entry’s especially for investors and partners, green residence Visa for investors was formerly two years, today the Green Residence for investors or partners has extended to five years this residency permit was created to stimulate investment by allowing investors to stay for five years if they set up or participate in business activity.

Requirements for obtaining a crypto license in Dubai.

-Firstly, Complete the application form and submit it to the registered corporates in the UAE.
-Provide documentation linked to the company’s registration and the shareholders.
-.Copies of the passports of all managers partners and shareholders of the business.
-If one of the shareholders in a company, the company’s papers are needed.
-Your capital resources and operational assets need to be disclosed and visible for more than 6months. (could extend to 12months)
-All crypto-assets should be incorporated with the UAE financial free zone department approved by the government.
Free zones for obtaining a crypto license; Dubai multi-commodities Center
Dubai Airport free zone
Dubai World Trade Center Authority
-A proper business plan.
-Payment of applicable fees
-The license would be given within a week of approval if the applicant meets all. The requirements and takes all necessary steps.

CHI & Partners represents businesses and investors in Cameroon, Nigeria, New York, Dubai, Kenya and Rwanda. We have a wide network of lawyers from different jurisdictions whom we partner with for international and efficient results.