- September 30, 2019
- Posted by: MSZ Consultant
- Category: Business Setup
Dubai is known for its rapid growth economy. The local government in Dubai encourages entrepreneurs and small and medium enterprises in innovating the industry and also accepting the use of digital money. In 2018, digital currencies in Dubai was approved by the government. According to which companies are allowed to accept digital payments. That’s when Cryptocurrency business emerged in Dubai.
What is Cryptocurrency?
Today, Cryptocurrency has become a global phenomenon. A cryptocurrency is a digital representation of digital value such as money that only exists online. It uses cryptography to verify secure transactions and is seen by many as a foundation for a better future economy.
Every purchase that we make needs to be approved by a third party for which they all charge a fee adding up to a considerable amount of money or return, transactions can also be extremely slow, and there are also unsecured data. Cryptocurrency solves this issue. It uses a pure to pure payment network, where the responsibility to maintain ledger transactions are shared between everyone, there are no fees, and the data is secured.
How to obtain a license for the Cryptocurrency business in Dubai?
The license can be obtained by the Dubai Multi Commodities Centre (DMCC) that allows you to buy, sell various cryptocurrencies, namely – bitcoin, ethereum, ripple, and many more. To obtain the license, DMCC will examine your business individually with the main criteria being, whether the business considers the crypto market as a part of its business strategy.
Advantages of setting up a Cryptocurrency business:
- Strong security
- Individual ownership
- Easier International trade
- Greater access to credit
- Confidential transactions
Establish your Cryptocurrency business in Dubai
Setting up a Cryptocurrency business in Dubai is easy. One of the best places to set up for the creation of cryptocurrency is the Dubai International Financial Centre Free Zone. Dubai has Gulf Islamic digital currency, Arabic Coin which is used for trading gold all over the world.
If you are willing to set up your Cryptocurrency business in Dubai, MSZ Consultancy will assist you in the formation of the same.