Getting an official cryptocurrency license for commercial use is necessary if you want to operate a cryptocurrency firm in UAE. Appointments are required to conduct cryptocurrency trading, buying, monitoring, and selling, as well as require a minimum of AED 30k or 50k capital. The cost of obtaining a currency license for Dubai mostly depends on the kind of license you want. Some countries require more to get an appointment than others.
To obtain a crypto license for Dubai, it is necessary to establish a company through Dubai Multi-Commodities Centre. Dubai Multi-Commodities Centre, which is the Dubai’s Central Bank. Your business must comply with strict laws regarding cyber security and protect customer data. Applying for a license could be as short as two weeks. Once you have completed the process, you can select your location and make any payments as soon as possible. After you have received your certificate, you are now able to start working on the development of your company’s plan and obtain financial data.
To obtain a DMCC cryptocurrency license can be relatively cost-effective, but it requires a minimum amount of AED 500,00. While licensing fees could be expensive, the benefits are far greater than the expense. In addition to an initial investment requirement of AED 100,000, DMCC licenses require prior approval from the free zone’s authorities. Like any license, you have to follow the rules of the DMCC.