Cryptocurrency company registered in Dubai, good ?

[clemens]

I was wondering if it would be a good place to register a company in Dubai for a Cryptocurrency exchange business?

maybe @Fred has some insider?

 

[Sols]

Practically pointless license if you need fiat banking access. Local banks don't touch crypto and most foreign banks won't even consider a UAE licensed crypto exchange. It's not impossible, but you need deep pockets and good connections to make banks even give you a chance.

Cayman and BVI are similar, but at least exchanges there are able to get banking more easily than UAE licensed ones.

 

[clemens]

Thank you @Sols - your help is appreciated.

What license would be required? @Fred don't you want to come with some input here?

 

[FDS ADS]

Best and easy for Crypto Business is Saint Vincent and Grenadines, with no regulatory framework, easy to incorporate, and cheaper than UAE.

 

[Mercury]

Best and easy for Crypto Business is Saint Vincent and Grenadines, with no regulatory framework, easy to incorporate, and cheaper than UAE.

How about banking (crypto > FIAT)?
Can you recommend crypto-friendly banks that will open an issueless corporate bank account for such SVG company?

 

[FDS ADS]

Payset is one of the best.

 

[AtMo]

Practically pointless license if you need fiat banking access. Local banks don't touch crypto and most foreign banks won't even consider a UAE licensed crypto exchange. It's not impossible, but you need deep pockets and good connections to make banks even give you a chance.

Cayman and BVI are similar, but at least exchanges there are able to get banking more easily than UAE licensed ones.

If I would need only fiat to crypto, would UAE banks be able to process it please?

 

[Sols]

If I would need only fiat to crypto, would UAE banks be able to process it please?

Generally speaking, no. There are some exceptions but they're very rare.

 

[Cons Mark]

I'm trying to find out a company for crypto launchpad.
VASP on Cayman and BVI requires that you KYC every user, which is impossible.

I'm curious how DEXes and other DeFi can be licensed without requesting KYC from the users nowadays.
Launchpad is no different.

At the moment they do though, it will kill the business.

SVG is an option as of now.

 

[Cons Mark]

Understood, interesting that SVG is the best option because it's not regulated.
However, is it possible of having problems with AML/FATF because I do not require KYC?
OR while it is not regulated I won't have any issue, even if US wants to

I don't care about not having a bank account, however, I would like to be compliant without requiring KYC to use the platform

Do you know reputable law firms there?

You are totally free from KYC and etc.

I can not recommend you a law firm.

 

[FDS ADS]

Understood, interesting that SVG is the best option because it's not regulated.
However, is it possible of having problems with AML/FATF because I do not require KYC?
OR while it is not regulated I won't have any issue, even if US wants to

I don't care about not having a bank account, however, I would like to be compliant without requiring KYC to use the platform

Do you know reputable law firms there?

Are you one individual, a group of individuals, or a company? Also, your nationality and place of residence have huge value in this work.