Our Clients
Dubai Crypto License Explained
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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) www.vara.ae is the body that supervises and regulates the distribution, utilization, and trade of virtual assets within and originating from the Emirate of Dubai
Dubai Crypto License - Government Fees
VA Activity | Licence Application Fee [for one regulated VA Activity only] | Licence Extension Fee | Annual Supervision Fee [for each regulated VA Activity] | 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. |
If you want to study more about the intricacies of cryptocurrency and regulation, our comprehensive guide offers valuable insights to navigate this evolving landscape effectively. Don't miss out!
Understanding the Crypto License in Dubai: A Closer Look
Choose Your Path: Submitting Applications through Mainland Firms or Dubai Free Zone Authority (FZA) in Dubai (excluding DIFC)
License Registration Process: Step 1 - Initial Approval Application
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Company Registration Process
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Submitting the Initial Disclosure Questionnaire Initiate the company registration process by submitting the Initial Disclosure Questionnaire, providing essential information about your business.
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Business Plan Preparation Prepare a comprehensive business plan that outlines your intended operations, financial projections, and how you plan to incorporate cryptocurrency into your business model.
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Providing Ownership and Management Details Include the necessary details of the firm's beneficial owners and senior management as part of the registration process.
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Payment of Initial Fees Pay the initial fees, typically 50% of the license application fee, to commence the application review.
The firm have to receive initial approval to proceed with the final steps of onboarding, which include legal incorporation and completing operational setup such as office space rental and employee onboarding. However, it is important to note that the firm is currently not authorized to engage in Virtual Asset activities.
Step 2 - Application for Full Market Product (FMP) License
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Upon receiving the Initial Approval, the firm will proceed to prepare and submit the required documentation as guided by VARA (Virtual Asset Regulatory Authority). This documentation will be crucial for the Full Market Product (FMP) license application. VARA may provide feedback on the submission, which may involve meetings, interviews, or requests for additional documentation.
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After addressing any feedback or fulfilling any further requirements from VARA, the firm will be responsible for paying the remaining portion of the application license fees as well as the first year's supervision fees.
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Once all fees have been paid and any specified operational conditions have been met, the firm will receive the FMP license, granting permission to engage in Virtual Asset activities.
It is important to note that the FMP license may be subject to certain operational conditions as determined by VARA.
Crypto License Comparison: 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 Team
Lena Elvbakken
Co-Founder
"Our specialized services cater to businesses venturing into the digital currency space by offering comprehensive support in obtaining a Dubai cryptocurrency license. We understand the intricacies of the regulatory framework and provide expert guidance to ensure a smooth and successful acquisition process for the required crypto licenses. Rely on our expertise to navigate Dubai's regulatory landscape effectively, enabling your cryptocurrency ventures to thrive."
Mardo Soo
Founder
"As a founder at Consulting24, my mission is to support entrepreneurs in establishing their businesses in Dubai and obtaining cryptocurrency licenses in a cost-effective manner. We understand the complexities involved in the process of acquiring a Dubai crypto license and aim to simplify it for you while managing your expenses effectively. Our goal is to provide access to the vibrant Dubai crypto market while keeping licensing costs manageable. You can trust us to guide you affordably through your crypto licensing journey in Dubai."