Legislation and regulators of cryptocurrencies in the UAE

6 January, 2022

Categories: UAE

The ( DMCC) is the first centre with we work easily.It is easy to work with Dubai and it also supervises our work and money laundering

Regulation of cryptocurrency and blockchain projects in the UAE is performed by the FSRA (Financial Services Regulatory Authority) regarding ADGM (Abu Dhabi Global Market).

This authority publishes guidance on cryptocurrencies. It also monitors blockchain businesses to ensure transparency as well as prevent money laundering and financing terrorism. Other authorities that might contribute to crypto regulations in the UAE in the future are the SCA (Securities and Commodities Authority) and the DFSA (Dubai Financial Services Authority).

The Dubai Multi Commodities Centre (DMCC) Free Zone is a place worth considering for working with cryptocurrencies in the UAE. The DMCC crypto license will guarantee the legality of your business. The first company to receive this license was Regal Assets, which offered cold storage of cryptocurrencies for its customers

.To get a license, it is basically required to have a share capital of EUR 15,000 for a company applicant and a detailed business plan. There are no residency requirements as of now while applying for such a license. If the application process is completed well, a license holder can carry out its transaction freely.

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