UAE Regulator Approves Crypto Trading in Free Zone
The global cryptocurrency markets are currently booming, cryptocurrencies are believed to be in fact substitutes for traditional financial systems around the world. The global cryptocurrency market size is expected to reach US$ 1.758 million by 2027, a compound annual growth rate of 11.2%.
Why I should setup a crypto company in Dubai
Setting up a business in Dubai has many benefits, first of all the country’s tax rate on corporate and personal income is 0%. In addition to that, many people choose Dubai for its excellent infrastructure and low barriers of entry making it an attractive destination. Financial regulators in the UAE have reached an arrangement to officially allow and support cryptocurrency trading in an economic free zone in Dubai. The DMCC registry continues to build and innovate upon its digital strategy.
Other jurisdictions have been slow on crypto!
In the beginning of 2021, many policies have been introduced to Dubai with the aim of boosting investments from blockchain technology companies, making the UAE one of the friendliest jurisdictions to set up cryptocurrency trading agencies and blockchain technology companies.
These agreements establish a regulatory framework for the offering, issuance, listing, and trading of crypto assets in DMCC, that being said, Dubai is now expecting more than 1,000 cryptocurrency businesses to be operational by 2022.
DMCC has promised to take further steps towards opening a dedicated crypto ecosystem in the free zone by building upon its digital strategy and existing crypto partnerships.
Steps to start a cryptocurrency business in Dubai, UAE
Contact us for an initial free consultation
In order to operate a cryptocurrency or blockchain business in Dubai a trade licence is required. After deciding on the company name, you will then be required to choose where to set up your company, in a free zone or in the mainland. Depending on the nature of your business activities, the size of the operation and the location, a specific amount of capital will be required.
Talk to one of our experts to get an estimate of the cost involved. We can also assist you with the opening of corporate and personal bank accounts.