The UAE has rapidly emerged as a hub for virtual asset companies, driven by the explosive growth of financial technologies and a thriving digital economy. From 2020 to 2021, the UAE’s share in the global crypto market saw a remarkable 500% increase, with transaction values exceeding USD 25 billion. Unlike many other countries, the UAE offers a highly favorable environment for crypto companies to establish and grow.
This success is largely due to the UAE’s progressive legal framework that governs the setup of cryptocurrency businesses. Several free zones in the UAE offer specialized licenses for crypto-related activities, providing an edge compared to countries where the sector faces skepticism. Synergy Auditing and Accounting, with expertise in business setup, can assist you in navigating the process of establishing a cryptocurrency company in the UAE. Below are some key free zones offering crypto licenses:
Abu Dhabi Global Market (ADGM)
ADGM is a financial free zone located in Abu Dhabi, providing a secure and transparent environment for crypto asset-related businesses. With its independent legal and regulatory framework, ADGM supports the growth of the crypto sector. The available licenses include:
- Crypto exchange license
- Crypto asset custodian
- Crypto asset management
- Crypto marketing and sales
- Custody and trading of crypto assets
Dubai Multi Commodities Centre (DMCC)
DMCC is one of the most renowned free zones in Dubai for business setup. It offers cryptocurrency licenses and provides world-class infrastructure and services. The licenses offered in DMCC include:
- Distributed ledger technology services
- Proprietary trading in crypto commodities
- NFTs E-marketplace provider
- Metaverse services provider
Dubai World Trade Centre (DWTC)
DWTC has become a hub for cryptocurrency companies under the supervision of the Securities and Commodities Authority (SCA). It offers licenses for:
- Cryptocurrency exchange
- Crypto-asset management
- Initial Coin Offerings (ICOs)
- Cryptocurrency mining
- Blockchain consultancy
Dubai Airport Freezone Authority (DAFZA)
DAFZA supports crypto businesses with licenses for proprietary trading in crypto-commodities. The regulated environment offers entrepreneurs access to top-tier infrastructure and tax benefits. DAFZA’s crypto licenses include:
- Crypto-commodities trading
- Crypto-wallet services
- Crypto-payment solutions
- Crypto-asset management
RAK Digital Assets Oasis
RAK Digital Assets Oasis is the UAE’s first free zone dedicated to virtual asset companies and emerging sectors such as metaverse, blockchain, NFTs, and Web3. It offers a supportive environment for innovative crypto businesses, with applications open from Q2 2023.
Why Choose Synergy Auditing and Accounting?
As the UAE becomes increasingly attractive for crypto investors, navigating the licensing and regulatory processes can be complex. Synergy Auditing and Accounting is here to simplify the process. Our team of experts can help you identify the right free zone, guide you through licensing procedures, and ensure compliance with AML regulations mandatory for Virtual Asset Service Providers (VASPs) in the UAE.
Let us help you establish your cryptocurrency business in Dubai and take full advantage of the UAE’s dynamic and innovative crypto landscape. Contact Synergy Auditing and Accounting today for a consultation on your business setup journey.