The UAE is one of the fastest-growing markets for crypto-related businesses. There are now more than 400 operating, and the amount is expected to grow to 11,000 in 2022. The government is trying to boost this emerging business by making it easier for entrepreneurs to start their own businesses. Additionally, the Free Zones in Dubai in addition to Abu Dhabi have frameworks in place to safeguard customers and ensure ethical trading. In Dubai, there is the DMCC Crypto Center is a major hub for cryptography and is home to more than 100 businesses and organizations that have been granted a license to conduct business there. Nearly 900 others have requested licenses to conduct business in Dubai.
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. To obtain this it is necessary to submit a comprehensive proposal to the government. The choice of a name for your business is equally important. It is best to avoid operating under an unpopular or offensive name and you should select a name that can be remembered by your clients.
The UAE permits trading in crypto subject to certain rules in place and requirements for capital. The capital needed to begin an operation in the UAE is required to sustain operations for a period of six months. In Dubai Dubai’s DMCC Free Zone has partnered with the Securities and Commodities Authority, which permits businesses to manage cryptocurrency-related assets. Sharjah Research Technology and Innovation Park also provide a cryptocurrency license for companies that want to establish operations within the UAE.
The steps to establish a cryptocurrency-related business in UAE
If you’re considering a job in crypto there are some steps you need to take to establish a successful business. The first step is to select the state in which you would like to conduct business. In general, you have two options: a free zone or a company on the mainland. Both have advantages as well as disadvantages. Free zones give you no currency restrictions while a company on the mainland gives you the ability to access all of the Emirates.