Our Clients
Dubai Crypto Exchange License
VARA (Virtual Assets Regulatory Authority), located at www.vara.ae, is the authoritative body tasked with the oversight and regulation of the dissemination, application, and trade of virtual assets stemming from or 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
Dubai Crypto Exchange License 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 Look at 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 |
Decoding Dubai's Crypto License: A Brief Explainer
When pursuing a crypto license in Dubai (aside from DIFC), two primary options are available: applying via mainland companies or leveraging the Dubai Free Zone Authority (FZA).
The license registration journey commences with the submission of the Initial Approval Application. This vital step involves providing all necessary documents and information as stipulated by the regulatory bodies. Upon submission, the application undergoes a review process to ensure compliance and determine eligibility based on established regulations. Achieving Initial Approval is a significant milestone that paves the way for further steps in the license registration process. Our expert team will guide you throughout this procedure, ensuring a smooth and successful application submission.
Leveraging our extensive experience and in-depth knowledge to guide innovators across crypto-friendly jurisdictions. To learn more about how we've assisted over 500 businesses secure licenses in places like Estonia and Lithuania, visit our comprehensive guide on crypto and regulation.
Procedure for License Registration: Phase 1 - Initial Approval Application
Step 1: Initiate the Registration of Your Company
This stage requires you to submit essential documents and information required for company registration, laying the legal groundwork for your enterprise and paving the path for future steps.
Step 2: Accomplish the Initial Disclosure Questionnaire Once you've begun the registration process, the following step is to complete and submit the Initial Disclosure Questionnaire. This tool collects pivotal information about your business, thereby ensuring adherence to regulatory standards.
Step 3: Craft a Detailed Business Plan Construct a thorough business plan that encapsulates your firm's objectives, financial projections, and your strategy for integrating cryptocurrency into your business operations. A comprehensive business plan reinforces your strategic vision and enhances the legitimacy of your registration.
Step 4: Disclose Information on Ownership and Management Share detailed and accurate data about the beneficial owners and high-level management of your enterprise. This information is crucial for regulatory assessment and promotes transparency throughout the registration process.
Step 5: Pay the Initial 50% of Fees To progress with the registration procedure, the payment of initial fees is obligatory. These fees cater to the administrative expenses linked to registration and exhibit your commitment to the process.
Following the successful completion of these stages, your company will move towards obtaining the necessary approvals, finalizing the operational setup, and complying with legal requirements. Do note that offering services during this phase is not permitted
Phase 2 - Full Market Product (FMP) License Application
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Step 1: Upon securing the Initial Approval, the next stage involves the company's preparation and submission of the required documents, adhering to the guidelines laid out by VARA (Virtual Asset Regulatory Authority). This documentation forms an integral part of the Full Market Product (FMP) license application process. VARA may decide to evaluate the submission further, potentially involving meetings, interviews, or requests for more documents.
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Step 2: Once any feedback has been appropriately addressed or any further conditions imposed by VARA have been met, the company is obligated to remit the remaining license application fees as well as the supervision fees for the first year.
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Step 3: Once all financial obligations are met and any prescribed operational conditions are satisfied, the company is granted the FMP license, authorizing them to commence Virtual Asset operations.
It's vital to remember that specific operational conditions might be associated with the FMP license as determined by VARA.
Our Team
Lena Elvbakken
Co-Founder
"Our carefully designed array of services is intended to aid businesses entering the realm of digital currencies. We provide end-to-end help in obtaining a cryptocurrency license in Dubai. Our deep understanding of the regulatory ecosystem enables us to provide insightful guidance for a smooth and successful license acquisition journey. Rely on our expertise to skillfully navigate through the intricate regulatory landscape of Dubai, thereby supporting the prosperous growth of your cryptocurrency ventures."
Mardo Soo
Founder
"As the founder of Consulting24, my primary goal is to aid entrepreneurs in establishing their operations in Dubai and securing cryptocurrency licenses in a budget-friendly manner. We are deeply acquainted with the complexities of the Dubai crypto licensing procedure and are dedicated to simplifying this process for you, all while effectively managing your costs. Our mission is to smooth your entry into Dubai's thriving crypto market while keeping licensing expenses in check. Trust in our ability to guide you affordably through your crypto licensing journey in Dubai."