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DMCC Crypto Centre Opening

I've been critical in the past; Dubai had press releases about their crypto-friendliness but then not much seemed to happen.

CV Labs bring their experience from Switzerland and it looks like the UAE are getting their act together. Now there are some relevant business activities and I think licenses will follow before long.
 
Thanks for responding:
1) How do you know theres so many applications and that kyc is a problem?
2) As a veteran crypto trader, what other route would you suggest (i'm new to the setup in dubai)?
A route were you get a local Business & Personal Bank Account done.

You end up with the DMCC Crypto License banking on an EMI or with one of the rar Crypto(-friendly) banks in Switzerland/Liechtenstein.

However what we observe from clients is that nobody is willing to provide a 7 figure fiat amount that is necessary to get into a banking relationship with the Switzerland/Liechtenstein banks.

Furthermore most clients have a completely misunderstanding of there KYC/AML and Source of Funds requirements and making big eyes when they see how the compliance work.

So all in all you have effectively with a DMCC Crypto License the same banking possibilities as with a BVI company or similar Tier of reputation.