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• Requirements to obtain a cryptocurrency license in the UAE
- Register your company within an appropriate free zone or mainland jurisdiction.
- Develop a comprehensive business plan detailing your virtual asset activities, target market, and risk management strategies.
- Implement robust Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) policies and procedures.
- Appoint a qualified and experienced Money Laundering Reporting Officer (MLRO) responsible for overseeing your company’s compliance with AML/CTF regulations.
- Prepare and submit all required documentation for your license application, including company formation documents, identification documents for shareholders and directors, and proof of sufficient capital to support your business operations.
• Registration and licensing process
- Choose the appropriate jurisdiction (free zone or mainland) for your company and identify the relevant licensing authority.
- Register your company with the chosen jurisdiction, ensuring compliance with all local regulations and requirements.
- Develop a comprehensive business plan and prepare all required documentation for your license application.
- Submit your license application to the relevant authority, along with all required supporting documents.
- Await approval of your license application, which may take several weeks to a few months, depending on the specific authority and the complexity of your business.
- Once approved, complete any additional requirements, such as opening a corporate bank account and setting up your office space, before commencing your virtual asset activities.
• Corporate account opening
- Research and identify a suitable bank that offers corporate account services for virtual asset businesses.
- Contact the bank to discuss your specific needs and confirm their requirements for account opening.
- Prepare all required documentation for the account opening process, which may include company formation documents, identification documents for shareholders and directors, a detailed business plan, and proof of your company’s cryptocurrency license.
- Submit your account opening application to the bank, along with all required supporting documents.
- Cooperate with the bank during their due diligence and compliance review process, which may involve providing additional information or clarification on your business activities.
- Once your account is approved, complete any additional requirements set by the bank, such as depositing a minimum balance or setting up online banking access.
