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DMCC CRYPTO LICENSE - Crypto firms now able to set up in Dubai free zone

6599-92 Proprietary Trading in Crypto-commodities

I was told this license allows trading crypto commodities both on centralised exchanges and decentralised blockchain using own company funds. VAT does not apply. What is not allowed is providing service to 3rd parties (7229-99 Distributed Ledger Technology Services) or using crypto currency as means of payment. They quoted me the following fees:

Total year 1: 10,256 AED
Total year 2: 11,055 AED
Total year 3+: 22,110 AED

Flexi desk (3 Visa): 19,200 AED

3 Year Residency Visa: 3,360 AED
Emirates ID Service: 450 AED
Medical Fitness Certificate Service: 330 AED

Share capital requirement: Asked
(for other types of prop license, it's 50K AED, can be withdrawn after 6 months)

They said they would send me a list of UAE banks that accept the license, but haven't received it yet. I asked if they accept corporate bank account abroad, i.e. Switzerland.

The company is subject to approval, and the following questions need to be answered for KYC:

  1. Please provide the following for the applicant(s)
    1. Personal profile and experience)
    2. The experience of the company in this sector? (Number of years, qualifications of principals, etc).
  2. With respect to the proposed business in DMCC, please describe:
    1. Area of operations
    2. Target customers & partners
    3. Revenue model
    4. Commercial Structure
  3. Provide details of the financial strength of the applicants (available funds for investment) and what are the sources of the funds to be invested? Please attach supporting documents.
  4. Please provide answers to the following questions
    1. Do the Principals of the proposed company currently own crypto assets?
If Yes then the assets be therefore owned by the Company, once established?

If the answer is No, then where will the resources come from to purchase crypto assets?

  1. Is it the intention to buy or sell crypto assets in UAE, just overseas or both?
  2. Who will be your Counterparties? / What exchange will you be trading in?
  3. What markets will you be trading in?
  4. What financial instruments will you be trading in?
  5. How many people do you intend to employ, if any?
  6. Can you explain your understanding of the parameters of this license?
  7. Do you have a professional proprietary trading certificate? If so please attach.
  8. Are you going to raise money from third party clients?
 

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