Our Clients
Crypto Trading License Dubai
VARA (Virtual Assets Regulatory Authority), found at www.vara.ae, is the governing entity responsible for supervising and controlling the distribution, use, and trading of digital assets originating or being circulated within the Emirate of Dubai.
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Advisory Services
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Broker-Dealer Services
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Custody Services
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Exchange Services
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Lending and Borrowing Services
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VA Management and Investment Services
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VA Transfer and Settlement Services
Crypto Trading License Dubai Government Fees
VA Activity | Licence Application Fee | Licence Extension Fee | Annual Supervision Fee | Share Capital |
|---|---|---|---|---|
VA Transfer and Settlement Services | AED 40,000 10,900$ | AED 20,000 5,450$ | AED 80,000 21,800$ | The higher of [i] AED 500,000; or [ii] 25% of fixed annual overheads. |
Advisory Services | AED 40,000 10,900$ | AED 20,000 5,450$ | AED 80,000 21,800$ | AED 100,000. |
Broker-Dealer Services | AED 100,000 27,250$ | AED 50,000 27,250$ | AED 200,000 54,500$ | Broker-Dealer Services using a VASP Licensed by VARA to provide Custody Services or otherwise approved during the licensing process: the higher of [i] AED 400,000; or [ii] 15% of fixed annual overheads. In all other instances, the higher of [i] AED 600,000; or [ii] 25% of fixed annual overheads. |
Custody Services | AED 100,000 27,250$ | AED 50,000 27,250$ | AED 200,000 54,500$ | The higher of [i] AED 600,000; or [ii] 25% of fixed annual overheads. |
Exchange Services | AED 100,000 27,250$ | AED 50,000 27,250$ | AED 200,000 54,500$ | Exchange Services using a VASP Licensed by VARA to provide Custody Services or otherwise approved during the licensing process: the higher of [i] AED 800,000; or [ii] 15% of fixed annual overheads. In all other instances, the higher of [i] AED 1,500,000; or [ii] 25% of fixed annual overheads. |
Lending and Borrowing Services | AED 100,000 27,250$ | AED 50,000 27,250$ | AED 200,000 54,500$ | The higher of [i] AED 500,000; or [ii] 25% of fixed annual overheads. |
VA Management and Investment Services | AED 100,000 27,250$ | AED 50,000 27,250$ | AED 200,000 54,500$ | VA Management and Investment Services using a VASP Licensed by VARA to provide Custody Services or otherwise approved during the licensing process: the higher of [i] AED 280,000; or [ii] 15% of fixed annual overheads. In all other instances, the higher of [i] AED 500,000; or [ii] 25% of fixed annual overheads. |
Compare Cryptocurrency Licensing: A Comparative Analysis of 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 |
If you're interested in exploring the ever-evolving world of cryptocurrencies, gaining a comprehensive understanding of cryptocurrency regulation in the EU is essential. This knowledge can pave the way for successful ventures in the crypto space, particularly in crypto-friendly regions like Estonia and Lithuania. To dive deeper into this subject and discover how you can navigate these regulations with ease, consult our detailed guide here.
Unraveling Dubai's Cryptocurrency Licensing: A Concise Guide
When seeking a cryptocurrency license in Dubai (excluding DIFC), there are two primary routes: you can apply through mainland companies or make use of the Dubai Free Zone Authority (FZA).
The journey to license registration starts with the filing of the Initial Approval Application. This critical step requires submitting all required documents and data as outlined by the regulators. Once submitted, the application is assessed to verify compliance and to determine suitability according to set rules. Attaining Initial Approval represents a major step forward that facilitates progression through the subsequent stages of the license registration process. Our team of experts will be there to assist you throughout this phase, guaranteeing a seamless and fruitful application submission.
Phase 1 - Initial Approval Application
Step 1: Kickstart Your Company Registration
This phase entails the submission of vital documents and information necessary for registering your company, setting up the legal framework for your venture and setting the stage for upcoming steps.
Step 2: Fill Out the Initial Disclosure Questionnaire
Once the registration process has commenced, the next move is to fill out and submit the Initial Disclosure Questionnaire. This tool gathers key details about your business, thereby ensuring compliance with regulatory norms.
Step 3: Develop a Comprehensive Business Plan
Construct a detailed business plan outlining your company's goals, financial forecasts, and your approach to incorporating cryptocurrency into your business activities. An all-encompassing business plan strengthens your strategic vision and boosts the credibility of your registration.
Step 4: Provide Information on Ownership and Management
Disclose thorough and accurate details about the beneficial owners and senior management of your venture. This data is vital for regulatory evaluation and fosters transparency throughout the registration journey.
Step 5: Remit the Initial 50% of Fees
To continue with the registration process, the payment of preliminary fees is mandatory. These fees cover the administrative costs associated with registration and demonstrate your commitment to the procedure.
Upon successfully completing these stages, your company will proceed towards securing the necessary approvals, finalizing operational setup, and adhering to legal obligations. It is important to note that offering services during this phase is prohibited.
Phase 2 - Full Market Product (FMP) License Application
Step 1: After obtaining the Initial Approval, the subsequent stage entails preparing and submitting the necessary documents in compliance with the standards set by VARA (Virtual Asset Regulatory Authority). These documents are a crucial component of the Full Market Product (FMP) license application procedure. VARA might choose to delve deeper into the submission, which could involve conducting meetings, interviews, or requesting additional documents.
Step 2: Once all feedback has been adequately addressed or any further requirements imposed by VARA are fulfilled, the company is required to pay the remaining license application fees, along with the supervision fees for the initial year.
Step 3: Once all financial commitments are settled and any specified operational conditions are met, the company is awarded the FMP license, granting them permission to initiate Virtual Asset operations.
It's crucial to note that particular operational conditions may be linked with the FMP license as dictated by VARA.
Our Team
Lena Elvbakken
Co-Founder
"Our meticulously structured suite of services aims to support businesses venturing into the digital currency sector. We offer comprehensive assistance for securing a cryptocurrency license in Dubai. Our profound comprehension of the regulatory environment equips us to deliver prudent advice for an efficient and successful license attainment process. Count on our proficiency to adeptly guide you through Dubai's complex regulatory terrain, thus fostering the thriving expansion of your cryptocurrency enterprises."
Mardo Soo
Founder
"As the founder of Consulting24, my foremost objective is to assist entrepreneurs in setting up their businesses in Dubai and acquiring cryptocurrency licenses in a cost-efficient way. We are intimately familiar with the intricacies of the Dubai crypto licensing process and are committed to making this procedure straightforward for you, while effectively controlling your expenditures. Our goal is to facilitate your integration into Dubai's bustling crypto market while ensuring the licensing costs remain manageable. Have confidence in our expertise to economically steer you through your crypto licensing voyage in Dubai."