14 September 2023
Open a Cryptocurrency Company in Dubai
A cryptocurrency company in Dubai can be a proper start-up for young entrepreneurs from abroad. All the legal aspects can be explained by our lawyers in Dubai.
With an enormous potential of development in many industries, Dubai is set to improve the life conditions and to adopt any kind of smart technology, including cryptocurrency. The innovation industry in the Emirates has created major opportunities for entrepreneurs who want to establish their presence on the digital market by choosing to set up cryptocurrency companies in Dubai. Virtual asset activities in Dubai are regulated by Dubai Law No. 4 of 2022 and supervised by the Virtual Assets Regulatory Authority (VARA), which has been in place since 2022. In order to open a cryptocurrency company in Dubai, it is recommended to ask for legal help and guidance from our lawyers in Dubai. They can explain the legislation in this matter and can provide you with legal assistance.
The electronic payment system in Dubai
The use of digital money in the Emirates has been excluded for years, until dedicated rules were adopted (the 2017 stored-value framework, followed by Dubai Law No. 4 of 2022 on virtual assets). Any businessman who wants to open a cryptocurrency company in Dubai must comply with the VARA licensing rules (or DFSA rules in DIFC); payment-related activities also need Central Bank of the UAE authorisation. Furthermore, one should know that the Central Bank of the Emirates supervises the digital currencies and the use of this kind of electronic payment. Businessmen interested in opening a cryptocurrency company in Dubai can benefit from numerous advantages offered by the Dubai International Financial Centre, an important free trade zone in the Emirates regulated by the Dubai Financial Services Authority (DFSA). A cryptocurrency company in Dubai can be a successful one and can be settled with complete legal help from our Dubai attorneys.
How to set up a cryptocurrency company in Dubai
Opening a cryptocurrency company in Dubai requires a VARA licence (or DFSA authorisation in DIFC), in addition to the conditions set as for any kind of business in the Emirates like limited liability companies, joint ventures or partnerships. Companies can deal with digital currencies such as Bitcoin, within the limits of their VARA licence.
If you are interested in opening a cryptocurrency company in Dubai, we invite you to contact our law firm in Dubai for complete information and legal assistance.