UAE

• Openness: The UAE has always been open to foreign direct investment, and the country bases its development strategy on a policy of openness to trade, investment and international competition.
• Strategically located in the Middle East and North Africa region, the jurisdiction is ideal for entering the markets of this part of the world. Binance, BitOasis, OKX, Crypto.com, Hex Trust and many others have received licenses here.
• Reliable reputation. The UAE remains one of the most respected crypto jurisdictions with a stable legal system and a favorable regulatory environment for international business.
• Advanced crypto asset regulation. There are several categories of licenses for crypto asset service providers that cover almost any business model.
• Document flow can be done in English. The UAE supports the use of English in the business environment, including at the official level.

• Strict regulatory requirements. The UAE imposes high standards on crypto service providers, including their infrastructure and management, which can be burdensome for companies without experience in highly regulated jurisdictions. UAE regulation provides a clear understanding of the licensing process, but in some respects it can seem redundant. 
• Long legalization process. The legalization process in the UAE can take about 10-12 months depending on the regulator from which you receive a license, the complexity of the business model, as well as the completeness of the documents provided and the fulfillment of all requirements.
• The need for multiple licenses from different regulators. Currently, there are 5 regulators operating in the UAE at different levels and in different territories. Even with a license from one regulator, a business needs to obtain separate licenses from other regulators to expand its presence. This is due to the lack of a single crypto regulation in the country.

The cost level for legalization in the jurisdiction is high.

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• Company formation fee: depends significantly on the emirate, freezone, legal form of the company and the chosen activities, but generally the cost ranges from USD 3,600 to USD 22,000.
• Authorized capital: depends significantly on the regulator and the chosen activities, but typically ranges from USD 0 to USD 10 million.
• Application fee for licensing: varies considerably depending on the regulator and the activities chosen, but generally the cost ranges from USD 275 to USD 150,000.
• Annual state license fee: varies considerably depending on the regulator and the activities chosen, but generally the cost ranges from USD 2,000 to USD 135,000.

• The incorporation procedure may depend on the selected freezone and the types of activities selected, but it is generally as follows.
• 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 from the cryptoregulator - finalization of operational processes (hiring employees, renting an office, etc.) and final incorporation.

• The licensing procedure may depend on the chosen freezone and the types of activities selected, but it is generally as follows.
• 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.