UAE advances in emerging technology sectors such as blockchain and cryptocurrency. The Crypto Centre by DMCC allows investors to set up crypto-based companies within the free zone. The DMCC has developed adequate infrastructure, strict rules, and facilities to support the establishment of crypto businesses in Dubai. Investors must be familiar with the conditions, requirements, and procedures for setting up a crypto business in the DMCC free zone. Here is a list of everything an investor needs to know about registering a crypto company with Corporate Commercial Transactions In The UAE.
What are the types of Crypto Licenses in Dubai Multi Commodities Centre?
For setting up a digital currency business, you must obtain a crypto license issued by the DMCC Free Zone Authority. Currently, the DMCC issues two crypto licenses based on the nature of business activities. DMCC in Dubai issued two crypto licenses. If you are Buying a UAE Ready Made Shelf Company, you will need crypto licenses.
Crypto Trading License:
Crypto trading licenses are issued to companies operating Crypto commodities trading. Activities under this type of DMCC Crypto license involve buying and selling crypto products developed on distributed ledger technology applications. The DMCC is not issued. Licenses to companies engaged in crypto exchanges, brokerage services, financial services, banking services, and payment processing or storage services.
You can obtain a Crypto Commodity License in the DMCC only if pre-approved by the Management of the Free Zone. The DMCC has designed the Crypto Commodity License Trading as a standalone license and cannot carry out other activities under the same company. Licensing this type of crypto in DMCC requires a minimum share capital of AED 50,000. Dubai Business Setup Consultants can help you simplify the process and get a license as quickly as possible.
Distributed Ledger Technology Service:
Distributed Ledger Technology Services licenses include providing database management solutions and ancillary services that use distributed ledger technology such as blockchain. Any company performing these activities is not allowed to trade or set up currency or cryptocurrency exchanges or provide financial services brokerage or payment processing.
Steps to Get Cryptocurrency License in DMCC:
The following steps must be followed to obtain a cryptocurrency license in DMCC. They are given by,
- Select activity
- Choose the Right Legal Structure
- Choose company name
- Submit your application to the DMCC
- Submit all required documents of shareholders.
- Present a short business plan with capital in the business
- Choose the ideal office space provided by the DMCC Crypt Centre in Dubai.
- Pay and get a license.
What are the responsibilities of the professional nominee?
Professional nominees serve as a meeting point for government rules and corporation owners with no natural nominees. Here are the roles the nominees played:
- Responsible for protecting the beneficiaries
- The nominees have almost no direct role in the business.
- The professional nominees have no word on the internal affairs of the company.
- Nominees will not certify any legal documents for a legal entity.
- Nominees will not be held liable.
- Nominees are exempt from all-important business operations.
- If the nominated person is absent or resigned, the beneficiary owner is responsible for the business.
What are the benefits of the nominee service in the UAE?
The Nominee Service In UAE makes you the legal successor to your business in the form of a shareholder, manager, director, or secretary. You can keep your business anonymous. Nominees will be at the forefront of your business in government records. This will help ensure that you can remain anonymous. At least you choose to do it at your own risk. It also allows you to dramatically hide your investment strategy and asset location by hiding it from the authorities.