Consulting24: Your One-Stop Solution for Crypto Licence Dubai
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Business Registration;
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Acquiring a Cryptocurrency License;
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Assembling AML/CTF Compliance Documents;
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Guidance through Application Process;
Pricing: The service fee is 20,000€;
Please note: Government fees, which typically fall between 30,000-80,000€, are not included. These charges vary based on the license required.
Crypto Licence Dubai
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), available at www.vara.ae, is the regulatory agency overseeing the inception, use, and exchange of digital assets, regardless of whether they are produced in or disseminated throughout the Emirate of Dubai.
Step-by-Step Guide for Crypto License Dubai
For those targeting a cryptocurrency license in Dubai (excluding DIFC), two main pathways exist: filing applications via mainland corporations or utilizing the benefits bestowed by the Dubai Free Zone Authority (FZA).
The voyage to secure a cryptocurrency license in Dubai commences with the lodgment of the Initial Approval Application. This pivotal step mandates the provision of all pertinent documents and data, in accordance with the regulatory guidelines. Post submission, the application is scrupulously examined for its compliance with regulatory protocols, and the aspirant's credentials are evaluated against set benchmarks. Securing Initial Approval marks a significant advancement, paving the way for subsequent phases in the license acquisition journey. Our cohort of committed experts is available to guide you during this stage, ensuring a smooth and fruitful application trajectory.
Starting Point - File the Initial Approval Application
Step 1: Kick Off the Company Registration Process
Begin your journey by supplying all the needed documents and particulars for your company's registration. This critical first step lays the foundation for ensuing activities.
Step 2: Fulfill the Initial Disclosure Questionnaire
In parallel with the registration process, your task is to thoroughly complete and deliver the Initial Disclosure Questionnaire, gathering vital business intelligence necessary for regulatory adherence.
Step 3: Draft a Detailed Business Plan
Devise a robust business plan that depicts your company's objectives, financial projections, and approaches for integrating cryptocurrency. This initiative strengthens the trustworthiness of your application.
Step 4: Reveal Ownership and Management Information
Offer detailed and lucid information about the beneficial owners and senior management of your company. This degree of transparency is vital for the regulatory examination process.
Step 5: Disburse the Initial Payment (50% of Total Fees)
To advance with the registration, the disbursement of initial fees is mandatory. These costs address administrative expenses and demonstrate your commitment to the process.
Once these stages are successfully completed, your company is ready to acquire necessary approvals, start operations, and satisfy legal obligations. It's essential to note that offering services at this stage is not allowed.
Second Step - Submit Your Full Market Product (FMP) License Application
Step 1: With Initial Approval in hand, gather and submit the necessary paperwork in line with VARA's requirements for the Full Market Product (FMP) license. Be prepared for possible additional document requests or meetings set by VARA.
Step 2: Handle all VARA feedback swiftly and thoroughly, meet any further stipulations, and continue with the remittance of the remaining license application fees and first-year supervision charges.
Step 3: When all financial commitments and operational conditions are satisfied, your company will be granted the FMP license, allowing you to initiate Virtual Asset operations.
Please remember: Concurrent with the FMP license issuance, VARA might enforce certain operational conditions.
Dubai, Lithuania, Estonia: Analyzing the Crypto License Acquisition Process
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 |
To assist you with this, Consulting24, a leading cryptocurrency consulting firm, offers expert guidance on cryptocurrency regulation. With a wealth of experience in securing over 500 licenses in crypto-friendly regions like Estonia, Lithuania, and Dubai, Consulting24 proves to be a valuable ally in your crypto journey. For an in-depth understanding of these regulations and to unlock your path to the digital assets sector, feel free to explore on the website.
Team
Mardo Soo
Founder
"As the creator of Consulting24, my objective is to make the intricate process of securing a Dubai crypto license more accessible for industry leaders. Our focus lies in facilitating an easy process, cost-effective strategies, and seamless market entry. Trust us to pave an economical path towards acquiring your Dubai crypto license."
Lena Elvbakken
Co-Founder
"We streamline the process of obtaining a Dubai crypto license, navigating through regulatory obstacles to enhance your crypto venture."