Dubai has been one of the most welcoming places for cryptocurrency business. Dubai has already established itself as a hub for blockchain technology and cryptocurrency businesses. Dubai is the perfect place for cryptocurrency companies to set up their operations as the UAE government has also started to develop different kinds of crypto laws regulatory frameworks for cryptocurrency business in order to attract more foreign investments, which leads to more crypto business opportunities and higher revenues.
Following that, Dubai is the first in the global economy to introduce a specialized virtual asset regulation ecosystem a few days back. The prime minister & ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum announced on Twitter that, the emirate has implemented its very first law to govern & protect virtual assets & crypto traders, also formed an independent regulatory body to control the crypto sector.
Among all the seven emirates, Dubai is the one & only to develop a crypto law governing the virtual assets & created VARA(The Virtual Regulatory Authority) to further make progress in this sector. According to the new crypto law in Dubai, every investor & company owners have to be registered with vara before engaging in any blockchain or crypto business. VARA is a significant & progressive step by the Dubai government to regulate the most trending crypto or virtual asset sector in the emirates of Dubai. VARA will be responsible for controlling regulatory application & license approval for operating digitals assets & exchanging.
The Virtual Regulatory Authority(VARA) has issued a virtual asset license to the world’s biggest crypto exchange Binance for trading crypto services to the investors in UAE. The company has stated that it has been granted this virtual license so that it can be able to operate within the ‘test-adapt-scale’ virtual asset market model & work as a base to expand into the region.
Binance said in a statement that, under this virtual asset license, Binance will be allowed to offer limited crypto exchange products to the professional financial service provider & pre-qualified crypto investors. Additionally, all the licensed service providers by VARA will be monitored carefully to give open access to the retail market.
Also, Binance will anchor a blockchain technology hub in Dubai Trade center to build an exciting blockchain ecosystem & search for new talents. Lately, Binance has announced that it was coordinating with DWTC to incorporate an international virtual asset ecosystem to assist the development of virtual assets in Dubai. The founder and CEO of Binance Changpeng Zhao (CZ), said: “High standards of regulation and compliance are critical to the development and maturing of the global crypto and blockchain industry, which is why our team has been working tirelessly to demonstrate how we meet and exceed the requirements of regulators, such as the Dubai Virtual Asset Regulatory Authority.”
According to DWTC Authority Director General Helal Saeed Almarri, "Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem that is subject to comprehensive legislation and internationally applicable policy frameworks."
Advantages Of Hiring Business Consultant To Obtain Crypto License
If you aren’t well known about the business & licensing culture in Dubai, then you might face difficulties while applying for the business license. There are different kinds of laws, frameworks & preconditions you should follow, & denying any rules can lead to license rejection to a huge financial fine.
Hiring an experienced business consultancy service can help you to understand the crypto industry in Dubai, know about the business territory & the rules & regulation for each economic zone. Some key benefits are:
- They will help you throughout the process of setting up a crypto business to attain a commercial or virtual license to operate legally in Dubai
- As consultancy firms have well established & experienced team who have proper knowledge about certain rules & regulations, it can save your valuable time & make it quick for the application process.
- They can ensure you that all the legal work of your company will be held under the proper government rules & there is no chance to go against the law
How can KWS Help?
If you are looking for the best cryptocurrency business setup services in Dubai then you should come to KWS because they are the best company when it comes to Cryptocurrency trading.
KWS is a leading business consulting service that provides- any kind of business setup services in Dubai, Offshore company formation in Dubai, business support services (Trade license, Visa service, Legal Translation service, Trademark Registration, Company liquidation, Finding local sponsors) & so on.
If you are a new entrepreneur in this crypto-trading business, then our experienced business consulting team is here to make it easy to get a cryptocurrency license in Dubai, UAE. Our professionals have the right amount of knowledge about license-providing companies (BRL), (DED), and (DMCC). They will help you provide the required licensing procedure to finalize your business deals.