Cryptocurrency businesses can now find a new home in Dubai
The Dubai Multi Commodities Centre (DMCC), one of the leading Free Zones in the UAE has officially become the first commercial licensing authority in Dubai to get the nod to issue licenses to businesses offering, issuing, listing & trading crypto assets.
This is a step in the UAE’s goal to establish itself as a technological base of operations for crypto businesses and to become a haven for traders in cryptocurrencies. The Securities and Commodities Authority (SCA) signed the Memorandum of Understanding with the DMCC allowing them to issue the license, with case-to-case approvals from the SCA.
Although the exact process and procedure for obtaining this new license is yet to be fully understood, the first step for company formation to create a business plan for the proposed new licensee and the Curriculum Vitae (CV) for the partners of the business to be submitted to the authority for review.
If you are looking for business setup assistance in the DMCC for this activity, or any other activity, contact us and it would be our pleasure to make the process as seamless as can be.
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