The Finance World Magazine| Edition: March 2023

The Dubai government’s strategy is
highly commended for enabling the
expansion of the crypto industry and
openly expressing their backing for
regulation, making this field accessible
to a wider range of people.
in recent years, but it’s crucial to be aware
of the regulations and guidelines in place
to ensure a smooth launch.
Things to take into account before
launching your cryptocurrency
business in Dubai:
Crypto-related ventures, including
representative offices, data mining firms,
and consultancies, are monitored and
regulated by Virtual Assets Regulatory
Authority (VARA) under the Dubai World
Trade Centre (DWTC). If you want to
understand the legality of your crypto
business in Dubai, it’s best to get in touch
with the regulatory authority.
To establish a cryptocurrency business
in Dubai International Financial Centre
(DIFC), the company must have a
minimum of 5 years of legal experience
in the cryptocurrency field in another
country. The best way to incorporate such
a company is through a representative
office in Dubai. Dubai Multi Commodities
Centre (DMCC) offers a unique selfproprietary
cryptocurrency license,
allowing you to invest in Crypto Assets. If
you want to open a data-mining firm for
your crypto-related business in Dubai, you
can do so by applying for an IT company
trading license and obtaining additional
consent for your cryptocurrency business
if needed. Cryptocurrency business
owners can also establish a consultancy
enterprise in Dubai.
and can attract a wider audience to your
products and services. One of the biggest
benefits of blockchain transactions is the
absence of gateway or service charges,
leading to lower transactional costs for
your company.
Additionally, there are no cross-border
barriers when making cryptocurrency
transfers. Blockchain is a decentralized
payment system with advanced encryption
capabilities, allowing for secure crypto
transactions from anywhere in the world
with consistent encryption standards.
Steps to set up Crypto Business in
Dubai:
• Conduct market research: Before
launching your crypto business, it’s
important to have a clear understanding
of the local market and competition.
Conduct thorough research on the
demand for crypto services in Dubai
and the existing players in the market.
• Obtain the necessary licenses: Dubai’s
regulatory authority, Dubai Financial
Services Authority (DFSA), has specific
guidelines in place for crypto businesses.
To operate in the city, you’ll need to
obtain the necessary licenses and
approvals from the DFSA. This can
include a license for the provision of
crypto-asset services, such as trading,
custody, and issuance.
• Develop a compliant business plan:
Your business plan should outline
your company’s goals, strategies,
and the measures you’ll take to
ensure compliance with the DFSA’s
regulations. This can include measures
for safeguarding customer assets, antimoney
laundering (AML) procedures,
and data protection protocols.
• Secure funding: Starting a crypto
business can require significant
capital, so you should secure adequate
funding from investors, either through
venture capital or through an initial
coin offering (ICO).
• Build a strong team: A strong and
experienced team is key to the success
of any crypto business. Consider hiring
professionals with expertise in the
crypto industry, including traders,
developers, and compliance experts.
• Launch your platform: Once you’ve
completed the necessary steps, you can
launch your crypto platform. This can
include developing a website, building
a trading engine, and integrating
various payment gateways to facilitate
transactions.
Benefits of establishing a cryptocurrency
business in Dubai:
Today’s consumers are always seeking
out companies that accept cryptocurrencies
for their transactions. This sets your
business apart from the competition
February March 2023 www.thefinanceworld.com 59