If you decide to open a crypto exchange in the UAE, you will be among the first people to do that. This implies certain difficulties, such as diving into existing regulation deeper than most crypto projects have to. Registering a cryptocurrency exchange might be difficult, but it is not impossible. As we mentioned before, there is information that the first completely legal crypto exchange will start operating in 2019. The Crypto Bulls Exchange is said to be supported by the government, and it will offer cryptocurrencies in trading pairs with Arab Emirate Dirham.

Opening an exchange probably requires a license for crypto exchange. As of today, the DMCC crypto license does not allow to operate an exchange or launch an ICO. As for financial licenses for crypto exchanges in the UAE, they can be theoretically obtained from the FSRA, since the ADGM regulations mention that crypto-asset exchanges “will need to be licensed/approved by FSRA”. Moreover, the document lists additional requirements exchanges must meet, such as monitoring, identifying, and managing operational risks or preventing market misconduct.

It is unclear for now what kind of license, if any, Crypto Bulls Exchange has obtained. Was it approved by the FSRA? Since this exchange will open in Dubai, perhaps it managed to receive a DMCC crypto license for its operation. This is yet to be determined.