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How to Get a Crypto License in the UAE? [Video Podcast]

23 Apr 2024 updated
11 min

Table of content

In recent years, the United Arab Emirates has emerged as a global hub for cryptocurrency and blockchain technology. With its favorable regulatory environment, strategic location, and robust infrastructure, the UAE offers an attractive destination for crypto businesses looking to establish themselves in the region. One of the key requirements for operating a cryptocurrency-related business in the UAE is obtaining a crypto license.

As understanding the licensing requirements and procedures is crucial for compliance and success in this industry, we decided to team up with Ivan Herasymenko to create this video podcast and shed light on crypto licensing in the UAE.

Ivan Herasymenko is an esteemed crypto-lawyer and CEO of both IN SE Corporate Services Providers in Dubai and Investment Service Ukraine LLC. With his extensive experience and expertise in legal support for blockchain and crypto projects, Ivan will share knowledge on the challenges and opportunities of obtaining a crypto license, particularly for banks in the UAE.

Here are some of the advantages of obtaining a crypto license in the UAE:

Tax-Friendly Environment: Businesses operating under a Dubai crypto license benefit from a favorable tax regime, with corporate income tax and dividends tax set at 0%. Additionally, income generated from international activities is not taxed, providing significant tax savings for companies.

Double Taxation Agreements: Dubai’s extensive network of double taxation treaties (123 in total) allows companies to minimize their tax liabilities by reducing the risk of being taxed twice on the same income in multiple jurisdictions.

Full Repatriation of Profits: Entrepreneurs in the UAE can repatriate 100% of their profits and capital, offering investment protection and boosting investor confidence in the stability of the business environment.

Customs Duty Exemption: The absence of customs duties within the Gulf Cooperation Council (GCC) facilitates trade and export activities, contributing to a more streamlined and cost-effective business operation.

Government Support for Fintech: Dubai’s commitment to blockchain technology is evident through its blockchain strategy, which aims to conduct half of all government transactions on blockchain platforms by 2021. This demonstrates the government’s proactive approach to embracing new technologies and fostering innovation in the fintech sphere.

No Minimum Investment Requirements: Dubai’s crypto license regime does not impose minimum investment requirements, making it an attractive destination for startups and small businesses seeking to enter the market with minimal financial barriers.

No Residency or Local Employee Quotas: Foreign-owned enterprises in Dubai are not required to have resident partners or maintain a certain quota of local employees, offering flexibility in staffing decisions and operational management.

Stable Currency and Business Language: The UAE’s currency, pegged to the US dollar, provides stability and predictability for businesses conducting transactions. Moreover, English is widely spoken and recognized as the primary language of business, facilitating communication and enhancing accessibility for international investors and partners.

As you can see, a crypto license in the United Arab Emirates not only opens doors to a growing market but also provides a number of advantages for entrepreneurs looking to start a crypto business.

Here’s what we will discuss:

– Overview of the regulatory framework governing crypto activities in the UAE.
– Licensing requirements imposed by relevant authorities.
– Challenges faced by businesses seeking to acquire a crypto license, especially banks.
– Legal and compliance considerations for launching and operating a crypto-related business in the UAE.
– Practical advice on corporate structuring and tax implications.
– Steps involved in obtaining a crypto license in the UAE.

Watch our video podcast to better understand the regulatory environment and important factors to consider when getting a crypto license in the UAE!

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