The UAE has started a while back to focus on the development of new technologies which have allowed it to shift its economy from the oil and gas industry. Research and development have been encouraged by the central authorities and now emirates like Dubai and Abu Dhabi have become smart cities that integrate a wide range of digital services which have eased the life of the population.
When it comes to Dubai, the local government encourages the development of SMEs operating in the innovation industry and at the beginning of the year, it has even started accepting the use of digital money as a payment method. Foreign investors who want to start SMEs in the innovation field can open cryptocurrency companies in Dubai.
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The new law governing blockchain and cryptocurrency in Dubai
Banned until this year, the use of digital currencies was approved by the Dubai government at the beginning of the year when the new Regulatory Framework for Stored Values and Electronic Payment Systems was enabled. According to this law, companies are allowed to accept digital payments which open the door to a new type of business venture: cryptocurrency companies.
Foreign investors who want to open blockchain or cryptocurrency companies in Dubai are encouraged by the UAE Central Bank and by the Dubai Supreme Legislation Committee which promotes the use of digital currency.
Our company incorporation agents in Dubai can offer more information on the legislation related to the use of cryptocurrency.
How to start a cryptocurrency business in Dubai
There are no specific requirements related to the registration of a cryptocurrency company in Dubai, as investors must only register one of the types of companies available and apply for one of the business licenses under which it can operate. One of the best areas to set up a fintech company for the creation of cryptocurrency is the Dubai International Financial Centre Free Zone.
Those who want to open cryptocurrency businesses in Dubai should know that the Gulf Cooperation Council countries already have an Islamic digital currency, ArabCoin, which is used for trading gold all over the world.
For assistance in opening a cryptocurrency company, please contact our Dubai company formation consultants.