The blockchain serves as the basis for cryptocurrency, which is encrypted digital money. Cryptocurrency is neither controlled nor maintained by a central authority. Rather, they are widely distributed online by and large by its users. The most well-known types of crypto include Ethereum, Bitcoin and Dogecoin. You can mine crypto or buy it at a digital currency exchange. 

In spite of the fact that cryptocurrency may appear to be an asset class, it can be risky to buy since you should do a lot of research to fully comprehend how it works.

However, the thing is that the worth of crypto is on the rise, making them attractive as trading tools. In some cases, Cryptocurrency is used for transnational transfers as well. 

Exploring Cryptocurrency Business in Dubai

In addition to the growing interest in cryptocurrency investments, trade and business in this sector are also booming in Dubai. 

Below you will find a list of few of the key highlights regarding cryptocurrencies Business Setup in Dubai:

• In the United Arab Emirates, the “Blockchain Strategy 2021” is designed to encourage foreign investors to enter this industry. Blockchain technology is expected to be used for about half of all government transactions. 
• For the first time in the UAE, the FSRA a government agency has outlined in-detail regulations and guidance for conducting digital currency business.
• Over 400 digital currency businesses presently exist in the UAE. It is anticipated that this figure will reach 1000 by this year since UAE is ramping up its efforts to grow the digital economy. 
• As the frameworks of the Dubai and Abu Dhabi Free Zones promote cryptocurrency entrepreneurship, they also establish regulations for ethical trade and safeguarding consumers.
• The Dubai Multi Commodities Centre unveiled its Crypto centre is actively supporting Cryptographic and blockchain technologies in the country. This ecosystem for businesses is a hub to more than a hundred crypto entities, with around 900 others seeking a license.
• A number of positive measures have been taken by the country to promote the trading of digital assets and increasing interests. In the year 2021, SCA, a UAE entity has signed a business agreement with Dubai World Trade Center to promote digital currency business. Furthermore, Dubai organized the first Crypto Expo, which boosted the demand for crypto assets in the area.

The Latest Law Regulating Crypto Currency and Block Chain

Dubai’s government authorized the usage of cryptocurrencies when it implemented an innovative Regulatory Framework for Stored Values and Electronic Payment Systems. Under this law, businesses are now permitted to receive digital payments, enabling a new kind of business: cryptocurrency business. 

Foreign Investors who are interested in Cryptocurrency Company Formation in Dubai are supported by the CBUAE and by the SLC in Dubai which encourages the usage of cryptocurrency. 

GH International, one of the Best Law Firms in Dubai can provide further insight into the legislation regarding the use of digital currency. 

Cryptocurrency Business in Dubai- The Distinctive Advantages 

Dubai is often thought of as a business-friendly location. It also offers online business opportunities. Among the perks of starting your cryptocurrency business in Dubai are:

• Global connectivity is one of Dubai’s hallmarks.
• Dubai’s laws favour entrepreneurs.
• It is comparatively inexpensive to form a company. Your company’s registration and trade license fees are determined by your financial resources. 
• There are a number of lucrative locations available.

FAQs on Crypto Currency 

What is the process for Cryptocurrency Company Formation in Dubai?

Having a Cryptocurrency License in Dubai is a prerequisite for starting a cryptocurrency business. This license was issued by the government to oversee crypto activities. We can assist you in securing the cryptocurrency license in Dubai through our seasoned team of Company Setup consultants at GHI, one of the Best Law Firms in Dubai. 

In the UAE, is it legal to trade cryptocurrency?

Certainly, there is no legal restriction in the UAE on trading cryptocurrencies. However, having a cryptocurrency license is a requirement.

What do you need to do to obtain a cryptocurrency license?

Depending on where you set up your business, you can procure a cryptocurrency license in UAE. With the assistance of Company setup consultants at GHI, securing your cryptocurrency license in Dubai is possible.

Are cryptocurrencies safe?

Digital currencies are secure, credits to the strong blockchain technology that powers them. The Country governs all the digital currencies in the Emirates with the Cryptocurrency license, which makes them safe for usage. 

What are my options for investing in Cryptocurrency?

UAE cryptocurrency brokers allow you to invest in digital money. A cryptocurrency license in the UAE is mandatory if you intend to conduct any form of business using the crypto.

Interested in Launching a Cryptocurrency Business in Dubai? GH International Can Help

This guide has hopefully shown you that Cryptocurrency Business Setup Services in Dubai doesn’t have to be difficult if you have the proper information. To be clear, it does need some familiarity with the process. Furthermore, you must keep in mind that the process is simply easy if you submit a complete and accurate license application. For this reason, you should consult one of the Best Law Firms in Dubai, when setting up a new business in the UAE.

As a group of company registration experts, it is a goal of ours to make the dreams of foreign investors a reality. Besides assisting with your license application, GH International can also help with Funds management license, Digital currency trading consultancy license, digital assets management license, NFTs trading consultancy or management license and brokerage license. 

We provide a number of legal and corporate services as well and can offer amicable, professional and affable service, meeting your legal requirements. 

We also extend visa services and can advise on the visa right for your business, and in obtaining the visa tailored to your needs. 

So basically, we can set up your business on your behalf, apply for the necessary licenses and visas, and deal with all the required admin, so you can concentrate on running your business.

With its extensive knowledge of the crypto industry, GHI enables you to cater to your needs efficiently and guide you with the process of establishing a crypto business in Dubai. 

We assist you in establishing an effective business setup in the United Arab Emirates and provide guidance regarding not only company set-up, but on what to expect and the way to run and scale your company in the UAE.

About GH International 

GH International has earned a solid name for being one of the Best Law Firms in Dubai. The lawyers in our firm specialize in different areas of law, letting us provide end to end legal and corporate services to individuals and businesses in many different fields. 

We offer a wide range of corporate and legal services like will preparation, visa application, Business Setup Services in Dubai, patent registration, UAE attestation and certification and family matters and more.

Putting our core values into practice results in happy clients and successful lawyers.