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.
Find out how much it cost you to setup your Dream Business
Other Recent Blogs
Dubai is the world hub for every kind of business. Due to its strategic location, excellent infrastructure, that brings the world to its feet. The hospitality industry has a major role to play that defines innovation and creativity. It represents an infinite...
Dubai offers an operative environment to its companies which is extremely liberal and attractive in the Middle East region. Businesses like grocery or retail stores are the key pillars that promote such small sectors. In order to obtain a grocery license in Dubai,...
Dubai is one of the major hotspots central for tourism all over the world. Individuals from different countries travel to Dubai. The main reason for the increase in the tourism industry in Dubai is because of hospitality, entertainment facilities, beautiful beaches...
With the rise of aerial photography, the Dubai Civil Aviation Authority (DCAA) and General Civil Aviation Authority (GCAA) have made it mandatory for every individual who attempts to fly a drone to obtain a drone license in Dubai. Hence if you are willing to fly a...
Dubai is one of the fastest-growing economies in the middle east. Investors from all around the world look for opportunities in the UAE market. Few of the businesses are growing tremendously in Dubai, for instance, a cafeteria business in Dubai. Abu Dhabi and Dubai...
Curabitur non nulla sit amet nisl tempus convalli quis ac lectus. Nulla quis lorem ut libero linkedinfacebookinstagramtwitter
Subscribe to Our Newsletter
We’ll keep you updated on the latest trends and news
Request a call back
Would you like to speak to one of our business advisers over the phone? Just submit your details and we’ll be in touch shortly. You can also email us if you would prefer.