Dubai- All Geared Up To Become The Cryptocurrency Hub Of The World

Written By Antima – 15th July’22

Grow your cryptocurrency business setup in Dubai as the region is all geared up for becoming the crypto hub of the world. The UAE government is working it’s best to be the leader for cutting-edge blockchain technology applications. This is being currently achieved with the government’s strong support and the flexible regulations.

Cryptocurrency implies a digital money created for online use, it does not have a central regulatory body and instead uses a decentralized system for transactions. Crypto transactions can be made by anybody, anywhere because cryptocurrency is administered via peer-to-peer networks of systems.

A little trivia

The year 2008 saw the launch of the first Bitcoin.

Introduction of VARA for cryptocurrency license in Dubai

The UAE government is all set to lure cryptocurrency businesses worldwide to start their business in the Emirates. It has been decided that a governing body will be formed that will look after the establishment, and attaining cryptocurrency license in Dubai.

Emirates has formed its own authority to look after all crypto related activities in the UAE.

The Virtual Asset Regulatory Authority (VARA) Dubai will be the governing body that will be responsible for all types of operations related to virtual assets, non-fungible tokens (NFTs), and cryptocurrencies.

Additionally, VARA aims to raise visibility of the virtual asset asset market, grant cryptocurrency businesses licenses in Dubai, and encourage investment and virtual asset companies to establish themselves in Dubai. It further aims to offer the guidelines and standards required to regulate, oversee, and manage all virtual asset-related matters.

Key activities of VARA

  • Running and sustaining virtual asset platforms.

  • Exchange services between one or more types of virtual assets as well as between virtual assets and money, whether local or foreign.

  • Transferring virtual asset services.

  • Services for virtual asset custody and management

  • Virtual asset portfolio management

Virtual token sales and exchanges.

Dubai- the leading hub of cryptocurrency ventures

Since the day Dubai announced the decision to launch VARA, that will be a sole authority that will manage virtual activities such as cryptocurrency trading and other related operations, it has pooved itself to be the upcoming hub of the crypto businneses worlwide. Due to its emphasis on digital assets and cryptocurrencies, Dubai is ideally positioned to benefit from the sector’s tremendous expansion.

Dubai has launched actions to create laws and regulations that will permit the industry to flourish significantly within the regulatory framework. VARA was established to provide a robust and reliable operational environment for the virtual asset industry, it intends to grant cryptocurrency business licence in Dubai and manage the relevant activities.

Start your cryptocurrency business with RadiantBiz

overcome by working with a trustable business setup consultant in Dubai. RadiantBiz is the one-stop-shop for getting all the necessary prequsites done fro getting a cryptocurrency license in UAE.

Our team consists highly resourceful experts who can reduce the difficulties of  setting up a crypto business in the Emirates. We will handle the paperwork necessary to register a crytpo company in Dubai, thus relieving all the unnecessary burden off the  your shoulders.

Frequently Asked Questions

Who will be the governing body for cryptocurrency license in Dubai?

Virtual Asset Regulatory Authority (VARA) will be the governing body that will issue you the cryptocurrency license in Dubai. However, you have to obtain license firsy from DED, DMCC, and DWTC, the concerned authorities for crypto licenses in mainland and free zones in Dubai.

What all will you need to obtain a cryptocurrency license in Dubai?

Following is a list of the basic requirments to get a cryptocurrency license in Dubai-

1. The business must send the completed form with the names of all the shareholders.

2. Make the required payment to the relevant body that issues the cryptocurrency licence in Dubai.

3.  After receiving and approving all necessary documents, the authorities will issue the cryptocurrency licence within a week.

Is Dubai a crypto-friendly place to start a business?

Yes, Dubai is one of the most crypto-friendly places in the world to start your business. You will get all the approvals on time, and the process is completely hassle-free.

What is the cost of the cryptocurrency license in Dubai?

The cost usually depends on many factors such as the nature of business, office space, location, among others. The best way to get an instant estimation is using the cost calculator from RadiantBiz.

What is the time duration to get the cryptocurrency license in Dubai?

With a expert team at RadiantBiz, you can get the crypto license in just 2 days. Otherwise, the process can be chaotic and you might obtain the license in 2 weeks or more.

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