investment-in-duabi-3a global corporate service provider

Crypto Licensing in the UAE

A number of free zones have been established by the United Arab Emirates (UAE), some of which have providing crypto licensing under regulation.

The Abu Dhabi Global Markets (ADGM)

which is located in Abu Dhabi, is one such free zone. In the Middle East and North Africa region, ADGM has been at the vanguard of regulating and supporting cutting-edge, technologically driven financial firms, including those involving crypto assets.

The ADGM functions as a separate legal system with its own set of rules and regulations, offering a safe and open environment for the growth of the crypto asset market. Since 2018, ADGM has been one of the first authorities in the world to adopt precise rules for dealing with crypto assets. They provide licenses for such activities as cryptocurrency exchanges, managing other people’s cryptocurrency assets, providing custody of cryptocurrency assets, purchasing, selling, and exercising rights in recognized cryptocurrency assets, and marketing cryptocurrency assets.

The Virtual Assets Regulatory Authority (VARA)

another regulatory body in Dubai, is in charge of policing and monitoring virtual assets and associated activities in all areas of Dubai outside from the Dubai International Financial Centre (DIFC). The Dubai World Trade Center Authority (DWTCA) oversees VARA’s operations.

The Dubai Multi Commodities Centre (DMCC)

a government-owned free zone in Dubai, offers a welcoming environment for companies operating in the cryptocurrency and blockchain sectors. Distributed ledger technology, proprietary trading in cryptocurrency commodities, the provision of NFT e-marketplaces, and metaverse services are just a few of the services provided by DMCC.

Dubai World Trade Centre (DWTC)

which is governed by the Securities and Commodities Authority (SCA). The DWTC license permits the following activities: cryptocurrency exchange, cryptocurrency mining, cryptocurrency asset custody, cryptocurrency asset management, cryptocurrency payment solutions, ICOs, distributed ledger technology development.

Dubai Airport Free zone Authority (DAFZA)

 which enables businesses to trade cryptocurrencies and other digital assets. The Dubai Financial Services Authority (DFSA) and other regulatory standards must be met in order to be eligible for a DAFZA cryptocurrency license.

Dubai International Financial Centre (DIFC)

It offers licenses for virtual asset exchange, virtual asset wallet provider, virtual asset custody service, virtual asset brokerage, and virtual asset management under its own regulatory framework. Businesses that operate within the DIFC must adhere to its regulatory framework, which includes its AML and KYC regulations.

It’s crucial to remember that every free zone and regulatory body in the UAE has its own unique rules and specifications for activities related to cryptocurrencies. While these free zones offer welcoming settings for cryptocurrency firms, they must nonetheless operate inside the UAE’s legal system and adhere to all applicable local rules and regulations.

Visit official website

To know about banking options for crypto licensing click here

Request a Free Consultation

Consult right now with our experienced team for complete solutions to your business requirements.

contact-3a global corporate services provider-uae-for businees license-2024

Thank you for your response.Our executive will contact you soon