Cryptocurrency License in UAE. By Consulting24
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Company Formation Services;
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Cryptocurrency License Procurement Support;
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AML/CTF Documentation Compliance Assistance;
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Walkthrough for Crypto License Application;
Service Fee: 20,000€
Please be informed, this pricing is exclusive of government fees, which generally lie between 30,000-80,000€.
Governmental Charges Relevant to Licensing Process
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. |
Lithuania emerges as an attractive, budget-conscious choice. It offers a straightforward journey to obtaining a crypto license, and the process of inaugurating a bank account is remarkably simple. With a setup timeframe of just 1-2 months, Lithuania exemplifies both efficiency and affordability.
Comparing Crypto Licensing: An In-depth Examination 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 |
Our Clients
Cryptocurrency License in UAE
Available Licenses:
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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
The Virtual Assets Regulatory Authority (VARA), located online at www.vara.ae, acts as the regulatory power overseeing the creation, employment, and trade of digital assets that are either born within or distributed throughout the Emirate of Dubai.
A Quick Guide to UAE Cryptocurrency Licenses
For those intent on acquiring a cryptocurrency license in Dubai (excluding DIFC), two predominant choices are available: submitting an application via mainland companies or capitalizing on the perks of the Dubai Free Zone Authority (FZA).
The pursuit of a cryptocurrency license in Dubai sets in motion with the lodgement of the Initial Approval Application. This critical phase demands the submission of all required documents and data in line with regulatory guidelines. Upon receipt, the application is examined to confirm compliance with regulatory norms and to evaluate the suitability of the applicant against existing criteria. Gaining Initial Approval is an important step forward that smooths the way for future stages of the licensing journey. Our team of experienced specialists is on hand to aid you during this phase, ensuring a seamless and effective application procedure.
The First Step - Handing in the Initial Approval Application
Step 1: Initiate the Registration of Your Company
Commence by submitting the necessary documents and information for company registration. This forms the legal base and prepares you for the stages ahead.
Step 2: Accomplish the Initial Disclosure Questionnaire
Upon starting the registration, your next responsibility is to accurately complete and submit the Initial Disclosure Questionnaire, capturing critical business data for regulatory compliance.
Step 3: Craft a Comprehensive Business Plan
Formulate a detailed business plan that highlights your company's aims, financial estimations, and plans for cryptocurrency integration. This enhances the credibility of your application.
Step 4: Provide Information on Ownership and Management
Present detailed, clear information about the beneficial owners and the higher management of your company. This level of transparency is critical for regulatory scrutiny.
Step 5: Remit the Initial Payment (50% of the Total Fees)
To continue with the registration, a payment of the initial fees is compulsory. These fees cover administrative expenses and demonstrate your dedication to the process.
Once these steps have been successfully completed, your company is all set to acquire the necessary approvals, set up operations, and meet legal obligations. Remember that offering services during this time is prohibited.
The Second Step - Submitting the Full Market Product (FMP) License Application
Step 1: Following Initial Approval, gather and submit the necessary documentation in line with VARA's guidelines for the Full Market Product (FMP) license. Be prepared for possible additional document requests or meetings as per VARA's scrutiny.
Step 2: Responsibly address all feedback from VARA, meet any additional criteria, and proceed with the payment of remaining license application fees as well as the fees for the first year's supervision.
Step 3: Once all financial obligations and operational requirements are satisfied, your company will be granted the FMP license, permitting the initiation of Virtual Asset operations.
Please note: VARA might impose specific operational conditions along with the issuance of the FMP license.
Alternative Options
The world of cryptocurrency regulation can indeed be complex, particularly when dealing with the intricacies of jurisdictions like the United States. To conduct business effectively and legally within the country, a solid understanding of the Securities and Exchange Commission's (SEC) role in crypto regulation becomes a critical necessity. If you are interested in exploring more about the SEC's viewpoint and guidelines on cryptocurrency regulation, consider visiting Consulting24's in-depth resource on SEC crypto regulation. This page offers a wealth of valuable information about SEC regulations landscape.
Our Team
Lena Elvbakken
Co-Founder
"Leverage our bespoke services, designed for businesses venturing into digital currencies. We make obtaining a Dubai cryptocurrency license simple and efficient, guiding you through regulatory complexities to grow your crypto venture."
Mardo Soo
Founder
"As the founder of Consulting24, my aim is to streamline the complex Dubai crypto licensing process for entrepreneurs. We focus on simplicity, cost-effectiveness, and a smooth market entry. Trust us for a budget-friendly approach to your Dubai crypto license."