The total price for the entire process may be around USD 34,690 and it includes
Categories: UAE
- 1. company formation costs and expenses;
- 2. payment for the lodging of the crypto license application;
- 3. opening a corporate account in EMI (outside the UAE).
- If we speak about a timeframe for establishing a new crypto company in the UAE, this may take approximately 4 weeks.
- As of today, there is no crypto law in the UAE. “Regulation of Crypto Asset Activities in ADGM” by the FSRA is the most detailed guide of cryptocurrencies in this country. According to it, the following requirements must be met by a company that performs actions with crypto assets:
- 1. Only some crypto assets are allowed. The decision about particular crypto assets is made based on market capitalization, traceability, security, price volatility, and other factors.
- 2. You must “hold capital resources equivalent to 6 months’ operational expenses” (12 months’ equivalent for crypto exchanges) in fiat.
- 3. Preventing fraudulent activities. KYC is required.
- 4. Risk management and disclosure are compulsory.
- 5. Keeping funds and information secured with such measures as "code version control, implementation of updates, issue resolution, regular internal and third-party testing".