UAE

Middle East's most progressive cryptohub

Why UAE?

Advantages

  • 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.

Limitations

  • 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.

Who is eligible for a license in the UAE

  • Token Issuers.
  • Crypto exchanges and exchanges.
  • P2P platforms.
  • Cryptocurrency wallets and depositories.
  • Cryptocurrency funds and investment companies.
  • Broker-dealers.
  • Crypto-payment systems.
  • Cryptocurrency counselors.
  • Cryptocreditors.
  • Those who want to trade crypto assets to build their own asset package.
  • Mainers.*
  • DeFi wallets.
  • DAO.*

* An additional license may not be required.

Cost

The cost level for legalization in the jurisdiction is high.

  • 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.

Main stages of legalization

Company registration in the UAE

  • 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.

Cryptolicensing in the UAE

  • 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.

Why choose us?

Futura Digital is a leading team of top-notch lawyers specializing in providing comprehensive solutions for companies looking to enter the digital asset marketplace

Our mission is to help businesses integrate effectively and legally into the rapidly evolving world of cryptocurrencies and blockchain technology

What can we do to help?

We offer a wide range of services including:

Registration companies

Full support of the process of creating a legal entity, from preparing the necessary documents to obtaining all permits and licenses

Receipt cryptocurrencies

Advice and support in obtaining DASP and BTCSP licenses, including preparation and submission of applications, interaction with regulatory authorities

Legal support

Ensuring your activities comply with local and international laws, preparing contracts and other legal documents

Tax consulting

Development of optimal tax strategies, assistance in meeting tax obligations and interaction with tax authorities

Compliance and governance risk management

Development and implementation of anti-money laundering (AML) and countering the financing of terrorism (CFT) procedures, risk assessment and management

Training and professional development

Conduct trainings and seminars for employees on working with digital assets, regulatory compliance and industry best practices

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