Taking into account the steadily growing popularity of crypto projects around the world, the UAE has chosen a proactive approach with regard to the industry. This jurisdiction is open to entering international capital and ensures a balanced approach to crypto regulations.
Local regulations in the Emirates are strict in nature but are not bureaucratized. Among all emirates, Dubai is surely distinct in this regard as local authorities provide advantageous conditions to start crypto projects. The UAE is a good place to start a crypto exchange, for instance. But, passing through the licensing procedure is required in any case.
Getting a crypto exchange license UAE with Prifinance Company guarantees the easiest way of completing the procedure provided that the must-have demands of the local regulator are addressed properly. Our lawyers have experience in addressing efficiently the nuances of crypto projects in the UAE. Interested investors may find the background information from our lawyers about cryptolicensing in UAE useful for their awareness and business planning.
Important Points to Know
Starting a crypto exchange needs to address specific regulations more precisely compared with the rest of the crypto-friendly jurisdictions. For this purpose, it is necessary to:
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incorporate a separate legal entity;
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take care of arranging an official legal address in the jurisdiction;
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arrange appropriate IT and technical resources to start a crypto exchange;
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develop effective internal policies aimed at monitoring and identifying clients plus the sources of their funds used to buy/sell crypto assets;
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form the required capital resources;
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create the procedure for enhanced verifications in the case of potentially suspicious transactions;
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report to the regulator on account of suspicious operations (in the first turn about those that are likely related to money laundering and terrorism financing);
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observe the provisions of security laws;
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assign a separate AML officer in the company responsible for observing all applicable rules;
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arrange periodical training for staff;
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follow reporting standards according to the requirements foreseen by the law and other requirements.
Taxation of corporate incomes is exempted (0%) during the next 50 years after company registration. Import and export taxes – 0%.
How Prifinance Specialists May Help You
If you wish to explore a huge market after opening a crypto exchange in the UAE, Prifinance specialists are ready to assist you in this course, including but not limited to:
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collecting all required details and documents that the local regulator may request to start the project;
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choosing the most suitable entity type and registering a new legal entity;
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drafting all necessary statutory, registration, and compliance documents;
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opening bank accounts and arranging business relations with alternative payment operators;
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carrying out all required negotiations with the local officials;
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assisting with resolving all issues that may occur during the operation of a cryptocurrency exchange.
Share the details about the background of your business case as well as future business objectives you intend to realize in the UAE. Prifinance lawyers are ready to help you with the realization of those in the easiest and most straightforward way.