Dubai Cryptocurrency 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. |
If you find the cost of acquiring a Dubai crypto license to be too steep, consider Lithuania as a viable alternative. Lithuania offers an easier pathway to crypto licensing and opening a bank account is a straightforward process. The total setup time is only 30-60 days, making it a great option for those looking for efficiency and affordability.
Dive into this comprehensive guide to get a grasp on where digital currencies stand in various nations. If you're keen to uncover the details, click here to learn more.
Our Clients
Crypto Trading License Dubai
VARA (Virtual Assets Regulatory Authority), accessible at www.vara.ae, serves as the authoritative body overseeing and regulating the dissemination, application, and trading of virtual assets that either originate from or are distributed 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's Cryptocurrency Licensing: A Brief Overview
If you're pursuing a cryptocurrency license in Dubai (excluding DIFC), you essentially have two main options: applying via mainland companies or utilizing the Dubai Free Zone Authority (FZA).
The path towards Dubai cryptocurrency license registration begins with the submission of the Initial Approval Application. This pivotal step necessitates providing all the mandatory documents and information as specified by the regulatory authorities. Upon submission, the application is scrutinized to confirm compliance and assess eligibility based on existing regulations. Securing Initial Approval marks a significant milestone that aids in advancing through the following stages of the license registration procedure. Our team of specialists will accompany you during this phase, ensuring a smooth and successful application process.
Phase 1 - Initial Approval Application
Step 1: Begin Company Registration
Start by submitting key documents and information for company registration, laying the groundwork for your business and preparing for the next steps.
Step 2: Complete the Initial Disclosure Questionnaire
After initiating registration, complete the Initial Disclosure Questionnaire to provide essential business details, ensuring regulatory compliance.<
Step 3: Formulate a Comprehensive Business Plan
Develop a thorough business plan showcasing your company's objectives, financial predictions, and your strategy for crypto integration. This enhances your application's credibility.
Step 4: Disclose Ownership and Management Information
Provide detailed, accurate data about your business's beneficial owners and top management. This transparency is crucial for regulatory review.
Step 5: Pay the Initial 50% of Fees
Progressing with registration requires paying initial fees, covering administration costs and showing commitment to the process.
Upon completing these steps, your company can work towards obtaining necessary approvals, finalizing operations, and fulfilling legal requirements. Note, offering services during this phase is not allowed.
Phase 2 - Full Market Product (FMP) License Application
Step 1: Following Initial Approval, prepare and submit necessary documents for the Full Market Product (FMP) license as per VARA guidelines. VARA may request further documents or meetings.
Step 2: Address all VARA feedback and meet any additional requirements, then pay the remaining license application and first-year supervision fees.
Step 3: Once financial obligations and operational conditions are fulfilled, the company is granted the FMP license, allowing the start of Virtual Asset operations.
Note: VARA may associate specific operational conditions with the FMP license.
Comparison: Dubai, Lithuania, and Estonia Cryptocurrency License
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
"Leverage our expertly designed services tailored for businesses venturing into digital currencies. We simplify the process of acquiring a cryptocurrency license in Dubai, with deep regulatory insights ensuring an efficient licensing journey. Trust our expertise to navigate Dubai's intricate regulatory landscape, fueling the growth of your cryptocurrency ventures."
Mardo Soo
Founder
"As Consulting24's founder, my mission is to help entrepreneurs seamlessly navigate Dubai's crypto licensing process. We simplify this complex procedure while effectively managing costs. Our commitment is to ensure your smooth entry into Dubai's thriving crypto market, keeping licensing expenses within your budget. Trust our expertise for a cost-effective journey to your Dubai crypto license."