Dubai

• The world's leading cryptohub. This positioning attracts the attention of major players and ambitious startups from around the world, who see Dubai as a key center for developing their digital asset businesses.
• Strategically located in the Middle East and North Africa region. The jurisdiction is optimal for entering the markets of this part of the world. Binance, BitOasis, OKX, Crypto.com, Hex Trust and many others have obtained licenses here.
• Developed crypto-asset regulation and its own regulator. Several categories of licenses for crypto-asset service providers are regulated, covering virtually any business model. Compliance is overseen by one of the world's most advanced crypto regulators.
• Document circulation can take place in English. Dubai supports the use of English in the business environment, including at the official level.

• Strict regulatory requirements. Dubai imposes high standards on crypto service providers, including their infrastructure and management, which can be burdensome for companies without experience in highly regulated jurisdictions. Dubai's regulation provides a clear picture of licensing procedures, but may seem redundant in some respects. 
• Lengthy legalization process. The legalization process in Dubai can take about 10-12 months depending on the complexity of the business model, as well as the completeness of the documents submitted and the fulfillment of all requirements.
• Need for multiple licenses from different regulators. The UAE currently has 5 regulators at different levels and territories. Even with a crypto license from the Dubai regulator, businesses may need to obtain separate licenses from other regulators to expand their presence. This is due to the lack of unified crypto regulation in the country.

The cost level for legalization in the jurisdiction is high.

​

• Company formation fee: depends significantly on the freezone and the number of activities chosen, but generally the cost ranges from USD 4,555 to USD 22,000.
• Authorized capital: depends significantly on the chosen activities, but can range from USD 27,000 to USD 405,000 for 1 type of crypto activity.
• Application fee for licensing: depends significantly on the selected activities, but can range from USD 10,800 to USD 27,000 for 1 type of crypto activity.
• Annual state license fee: depends significantly on the chosen activities, but can range from USD 21,600 to USD 54,000 for 1 type of crypto activity.

• Preparing and submitting the package of necessary documents to the freezone.
• Reviewing the application and obtaining preliminary approval from freesonia management.
• After receiving preliminary approval already from the cryptoregulator - completion of operational processes (hiring employees, renting an office, etc.) and final incorporation.

• Filling out a special questionnaire and sending key information to the cryptocurrency regulator.
• Obtaining prior authorization in terms of cryptolicensing.
• Payment of the initial enrollment fee.
• Preparing the basic documentation package and applying for a full-fledged crypto license.
• Regulator's review of the application.
• Payment of the remaining fees and issuance of a full-fledged crypto license by the regulator.
• Compliance with post-license requirements.