Crypto License in UAE: The Estimate Cost
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Establishing a Company;
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Help with Securing a Cryptocurrency License;
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Support for AML/CTF Compliance Documentation;
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Step-by-step Guidance for Crypto License Application;
Starts from: 10,000$
Please be aware, that these costs are separate from government fees, which usually range from 30,000-80,000€.
Our Clients
UAE Crypto Licensing: Available Activities
Advisory Services
Offering, providing, or agreeing to give a personalized recommendation to a client about actions or transactions in Virtual Assets involves considering the client's investment experience, objectives, and financial circumstances, such as risk tolerance, time horizon, means of acquiring Virtual Assets, and capacity to absorb losses.
Broker-Dealer Services
Virtual Asset activities include arranging purchase and sale orders, soliciting or accepting orders with fiat or other Virtual Assets, matching buyers and sellers, dealing in Virtual Assets on behalf of an entity, market making using client assets, and offering services related to the issuance of Virtual Assets. Entities must adhere to the VA Issuance Rulebook, subject to amendments, for any Virtual Asset issuance in the business.
Custody Services
Virtual Asset safekeeping involves holding Virtual Assets for another entity and acting on their verified instructions. VASPs must follow specific rules for client asset storage and custody, and only those segregating each client's assets in separate VA Wallets are eligible for a Custody Services License.
Exchange Services
Involves activities such as trading Virtual Assets for fiat currency, exchanging between different Virtual Assets, matching orders between buyers and sellers for asset-to-fiat or asset-to-asset trades, or maintaining an order book to facilitate these exchanges.
Lending and Borrowing Services
Means carrying out a contract under which a Virtual Asset shall be transferred or lent from one or more parties [the Lender[s]] to one or more other parties [the Borrower[s]] where the Borrower[s] shall commit to return the same, at the request of the Lender[s], at any time either during or at the end of the period agreed upon.
VA Management and Investment Services
Refers to managing, administering, or overseeing an entity's Virtual Assets as an agent or fiduciary. This includes investment management of Virtual Assets and managing staking activities in proof-of-stake Distributed Ledger Technologies to earn fees or rewards.
VA Transfer and Settlement Services
Means the transmission or transfer, and/or settlement of Virtual Assets from one Entity to another Entity or from one Entity to another VA Wallet, address or location.
Official Fees of Obtaining AE Crypto License
VA Activity | Licence Application Fee | Licence Extension Fee | Annual Supervision Fee | Share Capital |
|---|---|---|---|---|
VA Transfer and Settlement Services | AED 40,000 10,900$ | AED 20,000 5,450$ | AED 80,000 21,800$ | The higher of [i] AED 500,000; or [ii] 25% of fixed annual overheads. |
Advisory Services | AED 40,000 10,900$ | AED 20,000 5,450$ | AED 80,000 21,800$ | AED 100,000. |
Broker-Dealer Services | AED 100,000 27,250$ | AED 50,000 13,125$ | AED 200,000 54,500$ | Broker-Dealer Services using a VASP Licensed by VARA to provide Custody Services or otherwise approved during the licensing process: the higher of [i] AED 400,000; or [ii] 15% of fixed annual overheads. In all other instances, the higher of [i] AED 600,000; or [ii] 25% of fixed annual overheads. |
Custody Services | AED 100,000 27,250$ | AED 50,000 13,125$ | AED 200,000 54,500$ | The higher of [i] AED 600,000; or [ii] 25% of fixed annual overheads. |
Exchange Services | AED 100,000 27,250$ | AED 50,000 13,125$ | AED 200,000 54,500$ | Exchange Services using a VASP Licensed by VARA to provide Custody Services or otherwise approved during the licensing process: the higher of [i] AED 800,000; or [ii] 15% of fixed annual overheads. In all other instances, the higher of [i] AED 1,500,000; or [ii] 25% of fixed annual overheads. |
Lending and Borrowing Services | AED 100,000 27,250$ | AED 50,000 13,125$ | AED 200,000 54,500$ | The higher of [i] AED 500,000; or [ii] 25% of fixed annual overheads. |
VA Management and Investment Services | AED 100,000 27,250$ | AED 50,000 13,125$ | AED 200,000 54,500$ | VA Management and Investment Services using a VASP Licensed by VARA to provide Custody Services or otherwise approved during the licensing process: the higher of [i] AED 280,000; or [ii] 15% of fixed annual overheads. In all other instances, the higher of [i] AED 500,000; or [ii] 25% of fixed annual overheads. |
Lithuania serves as an appealing, economical option. It provides an uncomplicated path to crypto license acquisition, and the procedure of establishing a bank account is particularly direct. With a total setup period of merely 1-2 months, Lithuania epitomizes both speed and cost-effectiveness.
If you are interested in launching stablecoin. Discover the dynamics of stablecoin regulation in Estonia, Lithuania, and Dubai with the expert team at Consulting24. We guide you every step of the way.
A Quick Guide to UAE Crypto Licenses
For those aiming to secure a cryptocurrency license in Dubai (beyond DIFC), two main paths are open: lodging applications through mainland corporations or availing the benefits of the Dubai Free Zone Authority (FZA).
The quest for a cryptocurrency license in Dubai starts with the submission of the Initial Approval Application. This pivotal step entails the provision of all necessary documents and particulars as per regulatory directives. Once lodged, the application undergoes a review to ensure it aligns with regulatory standards and to assess applicant qualifications against the established criteria. Securing Initial Approval is a notable achievement that paves the way for future phases in the licensing journey. Our crew of well-versed specialists is ready to assist you throughout this stage, guaranteeing a smooth and successful application process.
Registration Process - Submitting the Initial Approval Application
Step 1: Kickstart the Registration Process for Your Company
Begin the journey by submitting all requisite documents and details for company registration. This forms the legal framework and prepares the ground for the steps to follow.
Step 2: Fill out the Initial Disclosure Questionnaire
Once registration is underway, your next task is to accurately complete and submit the Initial Disclosure Questionnaire, collating vital business information needed for regulatory compliance.
Step 3: Formulate a Detailed Business Plan
Create a comprehensive business plan that sets out your company's goals, financial forecasts, and cryptocurrency incorporation strategies. This enhances the trustworthiness of your application.
Step 4: Disclose Ownership and Management Information
Supply thorough, transparent information about the beneficial owners and senior management of your company. This degree of transparency is vital for the regulatory review.
Step 5: Make the Initial Payment (50% of Total Fees)
To advance with the registration, payment of the initial fees is mandatory. These fees cover administrative costs and demonstrate your commitment to the process.
Once these steps are completed successfully, your company is prepared to secure the necessary approvals, establish operations, and fulfill legal obligations. Bear in mind that offering services during this stage is not permitted.
Step Two - Submission of the Full Market Product (FMP) License Application
Step 1: Once Initial Approval has been obtained, compile and submit the required documentation as per VARA's guidelines for the Full Market Product (FMP) license. Stay ready for possible further document requisitions or meetings from VARA.
Step 2: Responsibly deal with all feedback from VARA, fulfill any additional conditions, and proceed with the payment of the remaining license application fees as well as the first-year supervision costs.
Step 3: Upon meeting all financial commitments and operational prerequisites, your company will receive the FMP license, enabling the commencement of Virtual Asset operations.
Please be aware: VARA may stipulate certain operational conditions in tandem with the issuance of the FMP license.
Crypto License UAE: Compare with Lithuania & Estonia
Feature | Dubai | Lithuania | Estonia |
|---|---|---|---|
Cost | 20 000€ | 20 000€ | 25 000€ |
License Type & Government fee | 1. 9,700€ - Advisory Services & VA Transfer and Settlement Services | 1. Cryptocurrency exchange license
2. Crypto wallet and custodian services license
| 1. Cryptocurrency exchange license
2. Crypto wallet and custodian services license
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2. 24,250€ - Broker-Dealer, Custody, Exchange, Lending and Borrowing & VA Management and Investment Services | No additional fee | 10 000€ | |
Audit | May be required by VARA | Not required | Monthly and yearly are needed |
Office | Required | Can be virtual | Required |
AML (Anti-Money Laundry Officer) | Can be any nationality | Local needed | Local needed |
AML monthly salary | 5000€ | Starting from 1200€ | Starting from 2000€ |
Local director | Can be any nationality | Can be any nationality | Can be of any nationality, but have to live in Estonia |
Share capital terms | Immidiately | 25% now, 75% within a year.
| Immediately |
Required share capital | 24,250€ (Advisory Services) - 194,000€ (Exchange Services)
| 125 000€ | 100 000€ - Crypto wallet and custodian services license.
250000€ - Cryptocurrency exchange license |
Our Team
Lena Elvbakken
Co-Founder
"Take advantage of our custom solutions, tailored specifically for companies delving into the realm of digital currencies. We simplify and streamline the process of securing a Dubai cryptocurrency license, navigating you through the regulatory intricacies to help expand your crypto enterprise."
Mardo Soo
Founder
"As the founder of Consulting24, my goal is to demystify the intricate procedure of acquiring a Dubai crypto license for business innovators. We prioritize straightforwardness, cost-efficiency, and a seamless introduction into the market. Rely on us for a cost-conscious strategy towards your Dubai crypto license procurement."
