Applying for Cryptocurrency License in Dubai
- August 16, 2022
- Posted by: axiom_admin
Here are the steps you need to follow when applying for a cryptocurrency license in Dubai.
Send the business name you have selected to the concerned governing authorities for approval and make sure you follow all naming convention guidelines set by the UAE government. For example, any offensive or blasphemous language to be avoided. The names of well-known organizations and abbreviations are not recommended.
After that, communicate with the Right Regulatory Authority. The Virtual Asset Regulatory Authority (VARA) governs crypto-related business in the UAE and there are a few guidelines you need to comply with. Once such example is that your company must have at least 5 years of legal presence in another cryptocurrency domain country for eligibility to launch a crypto venture in the DIFC free zone.
The representative office of your parent crypto company in the UAE can be set up in any of the country’s free zones or in the mainland region. You can also discuss with our business setup consultants for smooth business setup procedures.
The next step is to get all paperwork and approvals from the Financial Services Regulatory Authority (FSRA), Securities and Commodities Authority (SCA), and Dubai Financial Services Authority (DFSA), and regulate cryptocurrency and blockchain assignments in the UAE.