The everyday world is changing. Now we have to think about the future world. Now digital payments are going to be with NFT and Crypto coins. As part of this lot of entrepreneurs and tech, people need to set up Crypto companies in UAE. Already a lot of companies in UAE that offer services in Crypto also a lot companies accept their payment through Crypto coins. There is a Crypto Exchange, which is approved by the Central bank of UAE.
Here in UAE, it is possible to do services such as Blockchain, Metaverse service providers, Crypto Proprietary Traders, Crypto Mining and NFT businesses. There are more than 500 companies in UAE offering this type of service and still, a lot of enquiries are coming to set up this type of company.
Here I would like to discuss and about which all activities can possible in UAE to set up with crypto-related activities.
- Distributed Ledger Technology Services: This activity is for the company which provides database management solutions or software development based on distributed ledger technologies also known as blockchain to third parties. As per this activity, it is restricted to this type of company to act as an exchange or to provide brokerage services, financial services, banking services and payment processing.
- Proprietary Trading in Crypto–Commodities: This activity is for individuals or companies to buy and sell crypto commodities such as cryptocurrencies, NFTs or any crypto asset on a proprietary basis. They should be used in their funds at their own risk. Money only can be invested into this company by the shareholders. This activity is restricted to Financial services, banking services and acting as an exchange. It also restricted payment processing, storage services, providing brokerage services, and buying and selling of VA on behalf of third parties.
- NFTs E-Marketplace Provider: As per this type of company this activity is to create an online platform for the buying and selling of third parties’ unique digital assets (NFTs) and facilitate commercial interaction between buyer and seller in return for a commission or remuneration. It is also restricted to trading, promoting or exchanging crypto commodities. It is also restricted to selling NFTs covering regulated products or Securities. It can create third-party product NFTs while the creation of its own product NFTs is not allowed.
- Metaverse Service Provider: Develop and host digital virtual environments, which enable simulated interactions between individuals. Issue tokens/NFTs that remain within the game and do not list on regulated exchanges. As per this activity, it has restricted to issue of its tokens that are traded on exchanges, Also cannot operate as an exchange, also cannot trade in crypto commodities. It is also restricted to issuing its NFTs that are traded in marketplaces.
- Proprietary Crypto Mining: Verifying and adding new transactions to the blockchains(using methods such as proof of work) to generate crypto Assets and trade those assets on a proprietary level on exchange platforms. The mining equipment can be in any place inside UAE or outside, but the company’s address must be within the free zone where the company is established. This activity is restricted to providing services to third parties. Cannot act as an exchange, and cannot provide brokerage services, financial services, banking services and peer-to-peer trades or payment processing.
- Crypto Mining Facility Operator: Setting up and managing a facility housing computer systems and associated components. such as telecommunications and storage systems, for the generation of virtual assists by crypto miners. The facility has to be in JLT and up until now. There have been no special rates on electricity. As per this activity, it is restricted to conducting the trading activity, and proprietary crypto mining. Acting as an exchange, providing in brokerage services, financial services, banking services and Peer-to-peer traders or payment processing.
This article is written by Mr Firose Khan, MD, Profound Business Services. If you are interested in starting a business related to crypto in UAE then please feel free to contact Profound Business Services for all kind of professional assistance. We are happy to provide any information or assistance which may be required. Please call us at +971 4 325 6111 or email us at [email protected]