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
  • Adaptability
  • 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

Accounting and Bookkeeping Services in Dubai

Accounting and Bookkeeping Services in Dubai

Developing proper accounting and bookkeeping procedures is critical for a business's success, no matter the size or scope. Per the regulations of the UAE government, maintaining detailed books of your business accounts is a mandatory requirement that must be completed...

Get Documents Attested in Dubai

Get Documents Attested in Dubai

Numerous institutions in the UAE require documents to be attested or notarized before they are official. This is typically due to a wide range of reasons. Usually, companies request that documents submitted by employees, like college certificates and other...

Receiving Your Tax Residency Certificate (TRC) in Dubai

Receiving Your Tax Residency Certificate (TRC) in Dubai

The United Arab Emirates government has gone to great lengths to welcome and invite foreign nationals. The nation has invested in creating an impressive infrastructure with modern engineering, and has worked hard to create a better, more convenient quality of life for...

Subscribe to Our Newsletter

We’ll keep you updated on the latest trends and news

Translate »
WhatsApp WhatsApp us