The UAE is a fast-growing market for cryptocurrency businesses. There are currently more than 400 of them in operation, and this number is expected to reach one thousand by 2022. The government is working to promote this new industry by making it easy for entrepreneurs to operate. In addition, the Free Zones of Dubai and Abu Dhabi have frameworks in place to protect consumers and ensure ethical trade. In Dubai, the DMCC Crypto Center is a leading hub for cryptography, and currently houses more than 100 companies and organizations that have a license to operate there. Around 900 more have applied for licenses to do business here.
Regardless of whether the business is on the mainland or in the Dubai free zone, the first step to opening a cryptocurrency-related business in the UAE is to obtain a license to operate within the country. In order to do so, you will need to submit a full business plan to the government. Choosing a business name is also important. You should avoid trading under an obscure or offensive trade name, and try to choose a name that will be memorable to your customers.
The UAE allows crypto trading, subject to certain regulations and capital requirements. The capital required to start a business in the UAE must be sufficient to continue operations for six months. In Dubai, the DMCC Free Zone has partnered with the Securities and Commodities Authority, which allows businesses to handle cryptocurrency assets. Sharjah Research Technology and Innovation Park also offer a cryptocurrency license for businesses looking to operate in the UAE.