Impact of Crypto Assets Companies on Dubai’s Business
The Impact of Crypto Assets Companies in Dubai’s Business Scene
One of the world’s largest marketplaces for cryptocurrency asset platforms is now Dubai. The sharp increase in crypt companies in Dubai has fundamentally changed the global business landscape and prompted more investors and business owners to establish cryptocurrency-related licenses in Dubai.
In order to establish a cryptocurrency assets companies in Dubai, DMCC provides the services listed below.
Services for Distributed Ledger Technology
Comprises offering auxiliary services and database management solutions built on distributed ledger technologies, such Blockchain. Businesses engaged in this business are not allowed to conduct financial activity services such as brokerage or payment processing, deal in currencies, cryptocurrencies, or commodities, or establish an exchange for them.
Exclusive Dealing in Cryptocurrency Commodities
Comprises the purchase and sale of cryptocurrency-based products created using distributed ledger technology applications (Proprietary Trading). Becoming an exchange, offering financial, banking, brokerage, payment processing, and storage services are not included in this operation.
The DMCC Crypto Centre, the UAE’s premier environment for distributed ledger, blockchain, and cryptography technologies, has opened on the 48th floor of Almas Tower. a center established to support the prosperity of upcoming pioneers, entrepreneurs, and innovators.
In partnership with CV labs, DMCC have set up the DMCC Crypto Centre for start-ups, entrepreneurs, and corporates that are looking to establish a bespoke solution or partner-up within this sector. The DMCC Crypto Centre will offer a wide variety of services and activities such as the following:
• A shared workspace
• The incubation period
• Events
• Community
• Instruction
• Incubation
Shared desks, dedicated desks, and offices are just a few of the things that the DMCC Crypto Centre will have to offer. For the first year, startup companies and entrepreneurs will benefit from discounted establishment costs.
CV Labs DMCC is the company that runs the DMCC Crypto Center. An ecosystem manager and a dedicated receptionist are in charge of managing the Center’s operations and providing all services.
For new member companies to be eligible for advantages from the DMCC Crypto Center, they must complete one of the following new licensing activities*:
Regulated activities: in order to move forward with the licensing application, you must receive a NOC from the Securities and Commodities Authority (SCA).
• Exchange Manager
• Keeper
• Vendor
• Crypto Advice
The Securities and Commodities Authorities (SCA) have not yet released the rules and guidelines pertaining to license operations linked to cryptocurrency brokerage, exchange, wallets, initial coin offerings (ICOs), custodians, and crypto advisory. These are still in the process of being published, but should be available later this year.
Documents Needed
• Copy of a valid passport
• A copy of the travel or residency visa
• A copy of your Emirates ID, if any
• If the sponsor is currently a UAE resident, a letter of no objection (NOC) from them
• A copy of the utility bill that verifies the household address
• Making a share capital undertaking
• Company Outline
• The Ultimate Declaration of Beneficial Owners