AE Crypto License Consulting: Professional Guidance from Consulting24 Experts
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Business Registration;
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Support in Acquiring a Cryptocurrency License;
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Aid in Compiling AML/CTF Compliance Documents;
Help through Each Stage of the Crypto License Application Process;
Our Fee: 20,000€ Please note, this charge does not include governmental fees that typically vary between 30,000-80,000€.
AE Crypto License
Advisory Services
Means offering, providing or agreeing to provide a personal recommendation* to a client, either upon its request, or on the initiative of the Entity providing the recommendation, in respect of one or more actions or transactions relating to any Virtual Assets.
*When providing a personal recommendation, the Entity providing the recommendation shall consider the following factors at a minimum in respect of each client—
[a]knowledge and experience in investing in Virtual Assets;
[b]investment objectives including, but not limited to, risk tolerance, time horizon and venues through which they can acquire Virtual Assets; and
[c]financial circumstances including, but not limited to, their ability to bear sudden and significant losses or proportion of their net worth invested in Virtual Assets.
Broker-Dealer Services
Means any of the following—
[a]arranging orders for the purchase and sale of Virtual Assets between two Entities;
[b]soliciting or accepting orders for Virtual Assets and accepting fiat currency, or other Virtual Assets, for such orders;
[c]facilitating the matching of transactions in Virtual Assets between buyers and sellers;
[d]entering into Virtual Asset transactions as a dealer on behalf of the Entity for its own account;
[e]making a market in Virtual Assets using client assets; or
[f]providing placement, distribution or other issuance* related services to clients issuing Virtual Assets.
*As per Regulation II, any Entity in the Emirate that issues a Virtual Asset in the course of a business, must comply with the VA Issuance Rulebook, as may be amended from time to time.
Custody Services
Means safekeeping Virtual Assets for or on behalf of another Entity and acting only on verified instructions from or on behalf of such Entity*.
*All VASPs shall be subject to Rules regarding the storage and custody of clients’ Virtual Assets. Only VASPs which segregate each client’s assets in separate VA Wallets will qualify for a Custody Services Licence.
Exchange Services
Means any of the following—
[a]conducting an exchange, trade or conversion between Virtual Assets and fiat currency;
[b]conducting an exchange, trade or conversion between one or more Virtual Assets;
[c]matching orders between buyers and sellers and conducting an exchange, trade or conversion between [i] Virtual Assets and fiat currency or [ii] one or more Virtual Assets; or
[d]maintaining an order book in furtherance of [a], [b] or [c] above.
Lending and Borrowing Services
Means carrying out a contract under which a Virtual Asset shall be transferred or lent from one or more parties [the Lender[s]] to one or more other parties [the Borrower[s]] where the Borrower[s] shall commit to return the same, at the request of the Lender[s], at any time either during or at the end of the period agreed upon.
VA Management and Investment Services
means acting on behalf of an Entity as an agent, or fiduciary, or otherwise taking responsibility for the management, administration or disposition of that Entity’s Virtual Assets.
Examples may include, but shall not be limited to—
[a]investment management services or otherwise managing Virtual Assets; and
[b]taking responsibility for the staking of Virtual Assets for the purposes of earning fees or other amounts paid to validators and/or node operators of a proof-of-stake Distributed Ledger Technology.
VA Transfer and Settlement Services
Means the transmission or transfer, and/or settlement of Virtual Assets from one Entity to another Entity or from one Entity to another VA Wallet, address or location.
The Virtual Assets Regulatory Authority (VARA), accessible at www.vara.ae, is the governing body supervising the creation, application, and trading of digital assets, whether they are generated within or distributed across the Emirate of Dubai.
Comparing the Process of Crypto License Acquisition: Dubai, Lithuania, and Estonia
Feature | Dubai | Lithuania | Estonia |
|---|---|---|---|
Cost | 20 000€ | 20 000€ | 25 000€ |
License Type & Government fee | 1. 9,700€ - Advisory Services & VA Transfer and Settlement Services | 1. Cryptocurrency exchange license
2. Crypto wallet and custodian services license
| 1. Cryptocurrency exchange license
2. Crypto wallet and custodian services license
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2. 24,250€ - Broker-Dealer, Custody, Exchange, Lending and Borrowing & VA Management and Investment Services | No additional fee | 10 000€ | |
Audit | May be required by VARA | Not required | Monthly and yearly are needed |
Office | Required | Can be virtual | Required |
AML (Anti-Money Laundry Officer) | Can be any nationality | Local needed | Local needed |
AML monthly salary | 5000€ | Starting from 1200€ | Starting from 2000€ |
Local director | Can be any nationality | Can be any nationality | Can be of any nationality, but have to live in Estonia |
Share capital terms | Immidiately | 25% now, 75% within a year.
| Immediately |
Required share capital | 24,250€ (Advisory Services) - 194,000€ (Exchange Services)
| 125 000€ | 100 000€ - Crypto wallet and custodian services license.
250000€ - Cryptocurrency exchange license |
For expert guidance on global crypto regulation, look no further than Consulting24. With a wealth of experience and in-depth knowledge, we navigate the intricate world of cryptocurrency regulation to ensure your success.
AE Crypto License Step-by-Step Guide
For those interested in acquiring a cryptocurrency license in Dubai (excluding DIFC), two primary routes are available: applying through mainland entities or leveraging the advantages offered by the Dubai Free Zone Authority (FZA).
The journey to obtain a cryptocurrency license in Dubai begins with the submission of the Initial Approval Application. This crucial step necessitates providing all necessary documents and information as dictated by the regulatory rules. Following the submission, the application undergoes a thorough review to ensure its conformity with regulatory norms, and the applicant's qualifications are assessed against predefined standards. Gaining Initial Approval signifies a significant milestone, opening doors to the ensuing stages in the license procurement process. Our team of dedicated experts stands ready to assist you at this phase, ensuring a seamless and successful application experience.
Getting Started - File the Initial Approval Application
Step 1: Initiate the Company Registration Process
Kickstart your journey by providing all necessary documents and details for your company's registration. This essential first step sets the groundwork for future proceedings.
Step 2: Complete the Initial Disclosure Questionnaire
Concurrently with the registration process, your role is to meticulously fill out and submit the Initial Disclosure Questionnaire, compiling crucial business information needed for regulatory compliance.
Step 3: Craft an In-depth Business Plan
Formulate a comprehensive business plan that outlines your company's goals, financial forecasts, and strategies for incorporating cryptocurrency. This step fortifies the credibility of your application.
Step 4: Disclose Ownership and Management Details
Provide clear and comprehensive information about the beneficial owners and top-tier management of your company. Such transparency is critical for the regulatory review process.
Step 5: Make the Initial Payment (50% of Total Fees)
To proceed with the registration, the initial fee payment is required. These charges cover administrative costs and demonstrate your commitment to the process.
Upon successful completion of these steps, your company is primed to receive the necessary approvals, commence operations, and fulfill legal responsibilities. It's crucial to remember that providing services at this stage is not permitted.
Step 2 - Submit Your Full Market Product (FMP) License Application
Step 1: Once Initial Approval is obtained, compile and submit the requisite documents following VARA's guidelines for the Full Market Product (FMP) license. Stay ready for potential requests for additional documents or scheduled meetings by VARA.
Step 2: Promptly and comprehensively address any feedback from VARA, comply with any additional conditions, and proceed with the payment of the remaining license application fees and first-year supervision charges.
Step 3: Upon meeting all financial obligations and operational prerequisites, your company will be issued the FMP license, enabling you to commence Virtual Asset operations.
Please note: Along with the issuance of the FMP license, VARA may impose specific operational conditions.
Team
Mardo Soo
Founder
"As the founder of Consulting24, my aim is to simplify the complex procedure of obtaining a Dubai crypto license for industry pioneers. We concentrate on providing a smooth process, economical solutions, and a barrier-free market entry. Rely on us for an affordable route to secure your Dubai crypto license."
Lena Elvbakken
Co-Founder
"We simplify the procedure of securing a Dubai crypto license, steering through regulatory hurdles to bolster your crypto business."