Eternity Law International — News — Legalization of Cryptocurrency Trading in the UAE

Legalization of Cryptocurrency Trading in the UAE

Published:
September 29, 2021

The regulatory authorities of the UAE have determined the procedure for working with cryptocurrency. Now, investors are given the opportunity to trade and other cryptocurrency transactions within the DWTCA Free Zone – Dubai World Trade Center Authority.

An agreement has been concluded between DWTCA and SCA (Securities and Commodity Control Authority), the provisions of which will govern all activities related to cryptoassets. In accordance with the new agreement, areas of responsibility were distributed between representatives of departments and, in addition, a separate procedure was established for registering and regulating the work of a company operating in cryptocurrencies.

In addition, DWTCA expanded the list of commercial licenses, benefits and services, and assumed responsibilities regarding the issuance of permits for the implementation of cryptocurrency activities. As such, local organizations are now also eligible to obtain a license allowing cryptocurrency trading within the DWTCA Free Zone.

Duties and Responsibilities of SCA and DWTCA

The Dubai Mall, which brings together international operations, is a critical location for doing business in the Middle East. Listed as a free zone, which is under the control and management of DWTCA, it tries to stimulate commercial activity in every possible way, in particular, setting zero tax rates, giving complete freedom for the movement of capital, without setting any currency restrictions, simplifying the registration process and the like. The listed privileges are also available to those companies that are already operating in the cryptocurrency market, which provides an opportunity for Dubai to become a launching pad for firms to enter the international level.

SCA representatives will oversee and from time to time audit the operation of companies in the DWTCA Free Zone. In fact, these functions are classic for the regulator, which is the SCA. In addition, the SCA is also responsible for providing adequate investor protection, creating an enabling environment for investment, and guaranteeing market transparency.

You can also see our offers in category ready-made companies and licenses for sale.

You could be interested

Promotional offer of the month

Promotional offer of the month. Until the end of June 2019, Eternity Law International offers the following services at promotional prices: Scottish LP, Ireland LP, Wales LP (apostilled stitching with a general power of attorney) + nominee service 1 000 Eur Scottish LP, Ireland LP, Wales LP (apostilled binding with a general power of attorney)...

Obtain a Trust License in the Cayman Islands

An authorization such as trust license Cayman Islands, issued by the jurisdiction’s Monetary Authority, allows organizations to offer a full range of trust services to private and corporate clients. For this category of business in the Caymans, permission to conduct trust activities is important for the establishment of international business, the expansion of corporate interactions...

Company registration in China

Non-residents can register a company in China in the form of a representative office of a foreign firm or as a local organization with joint or fully foreign capital. If an entrepreneur is focused on full-fledged income turnover, the first type will not be a suitable option. The freedom of representation is significantly limited, they...

The Canary Islands reduced tax regime

The introduction by the Canary-authorities of a new tax-regime with a corporate rate of 4% has not been noticed by all specialists. However, this decision directly affects the lost revenue of corporations that open their accounts outside this region. This regime in the country was called the Canary Special Zone and this name makes many...

The cryptocurrency in Thailand

The Ministry of Finance of the State is carrying out a program to regulate the circulation of cryptocurrency assets, now it will not be easy for traders to obtain cryptocurrency in Thailand. Experts understand the intricacies of the new tax policy of the state. The meeting of the Cabinet of Ministers was held on March...

Licenses for e-business in Lithuania, Estonia and the Cayman Islands

The foreign business connected with forex and crypto is growing so quickly due to its confidentiality and independence. Authorities understand the immense prospect of digital commerce and more nations are working to develop legislation for controlling licensing for forex business and cryptocurrency. Forex Incorporation Various nations may grant licenses to new clients, but each one...

Related posts

Regulated Cryptocurrency License in Georgia for Secure Trading

Currently, Georgia requires firms functioning in crypto-currency to possess a license from Central Banking facility. Crypto-companies need to be approved National Banking establishment as VASP-structure. Georgian legislative basis is essentially grounded on EU MiCA-rules; it aims to ensure transparency, uniformity and safeguard. This article looks at what modifications the new reality has brought for crypto-business...

Cryptocurrency trading in Poland

The Polish crypto market does not have a comprehensive regulative system, although it is interpreted by the law. Hence, the digital currency does not belong to the domain of the financial market within the interpretation of Polish law, so basically it is not in the remit of a specific, traditional financial regulation. Though the Polish...

Legalization of Cryptocurrencies in Ukraine

The government of Ukraine is going to consider the draft law on the legalization of cryptocurrencies in Ukraine in the second reading, which will later become the basis for the next one. On the territory of Ukraine, cryptocurrency can use as a means of payment. Tax levy on income derived from transactions with cryptocurrencies will be...

ICO in the UAE

An Initial Coin Offering (ICO), also called an Initial Token Offering (ITO), is a common crowdsale mechanism (collectively collaborating to pool financial resources to invest in a project) by selling crypto coins or tokens in exchange for virtual money (usually bitcoin or ether) or fiat currency. Early investors usually buy coins or tokens in the...

Company registration in UAE

Registration cost 2.900 Eur Company renewal cost 2.000 Eur Directors number 1 Corporate tax 00.00 % Registered share capital 10.000,00 AED Mandatory reporting requirements No General information as for company registration in the UAE – Ras al-Khaimah Company type: International Business Company (IBC) Company registration period: from 1 to 2 days The RAK Investment Authority...

Cryptocurrencies in the UAE

Investors, traders and cryptocurrency issuers face an ambiguous regulatory climate in the United Arab Emirates (UAE). On the one hand, the UAE, in particular Dubai, is pursuing a state policy of introducing new industries and innovations, and the promotion of distributed ledger technology (including Blockchain) is a priority for the government. At the same time,...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank: