Do I need special license in UAE to accept crypto payments

[HundHond]

Hello

My business in Dubai accepting crypto payments recently. Do I need a special license for that?

 

[Sols]

No, you don't need a license simply for accepting payment in crypto. You need a license if you offer some sort of financial service such as virtual currency exchange, custodial wallets, investments, and so on.

 

[HundHond]

No, you don't need a license simply for accepting payment in crypto. You need a license if you offer some sort of financial service such as virtual currency exchange, custodial wallets, investments, and so on.

I basically run a marketing company with trading activities like blogging services, internet consultancy and marketing services via social media. Do you know if I can sell membership courses such as my Telegram (SOL Free Airdrop) channel? People pay to join this channel in crypto. Can I involve these sales in my company?

 

[Sols]

I basically run a marketing company with trading activities like blogging services, internet consultancy and marketing services via social media. Do you know if I can sell membership courses such as my Telegram (SOL Free Airdrop) channel? People pay to join this channel in crypto. Can I involve these sales in my company?

If you want to be sure, it's best to ask a lawyer.

It doesn't sound like an activity that would require a license. The airdrops can be a little questionable, but if it's only a small part of your business and you're mostly helping people/companies with marketing and social media campaigns, for example, accepting payment in crypto would not ordinarily be a regulated activity requiring a license.

 

[HundHond]

If you want to be sure, it's best to ask a lawyer.

It doesn't sound like an activity that would require a license. The airdrops can be a little questionable, but if it's only a small part of your business and you're mostly helping people/companies with marketing and social media campaigns, for example, accepting payment in crypto would not ordinarily be a regulated activity requiring a license.

I mainly sell trading ideas as many people find my trades excellent. People message me on Telegram that they want to join my group. I reply to them and they receive a crypto address to make payment, usually Litecoin. After payment, I need a screenshot, and I add them to the group. The group generates 2-3 million USD annually. The question now is more or less what kind of license is needed for this and can I carry out this activity with my current activities? I can create a new telegram account and name the account with the same name of my company and start writing invoices for ‚Social Media Consulting‘ as example

 

[JackAlabama]

I mainly sell trading ideas as many people find my trades excellent. People message me on Telegram that they want to join my group. I reply to them and they receive a crypto address to make payment, usually Litecoin. After payment, I need a screenshot, and I add them to the group. The group generates 2-3 million USD annually. The question now is more or less what kind of license is needed for this and can I carry out this activity with my current activities? I can create a new telegram account and name the account with the same name of my company and start writing invoices for ‚Social Media Consulting‘ as example

which is clearly not the case now. (The first part is from above seems ok however)

People really do buy and pay for this? And do you call it "this is not financial advice" making an O face as well?

This is treading in pretty hot water right here.

 

[HundHond]

which is clearly not the case now. (The first part is from above seems ok however)

People really do buy and pay for this? And do you call it "this is not financial advice" making an O face as well?

This is treading in pretty hot water right here.

People don’t buy financial advice, they buy the membership to follow up what I do. It’s like influencer business, they can freely follow me and I charge for this. If you think the activities are fine it’s good to know

 

[JackAlabama]

People don’t buy financial advice, they buy the membership to follow up what I do. It’s like influencer business, they can freely follow me and I charge for this. If you think the activities are fine it’s good to know

Since Im in Dubai for a while, I know very well what it is. Hot water, could even be eligible for a vara venture down the line.

 

[Sols]

I mainly sell trading ideas as many people find my trades excellent. People message me on Telegram that they want to join my group. I reply to them and they receive a crypto address to make payment, usually Litecoin. After payment, I need a screenshot, and I add them to the group. The group generates 2-3 million USD annually. The question now is more or less what kind of license is needed for this and can I carry out this activity with my current activities? I can create a new telegram account and name the account with the same name of my company and start writing invoices for ‚Social Media Consulting‘ as example

You should be asking a lawyer these questions. The more detail you reveal, the more it starts to sound like it might be a regulated activity. But if all people do is buy information from you and you make it clear that you're not offering investment advice, it might be fine. It depends on how you phrase things and structure the flow of information. In some jurisdictions, that you do could be construed as investment advice which might require a license, registration, or other approval/supervision action.

 

[Simon4466]

It went from marketing services to investment advice real quick lol. Which one of the two is it?

 

[JackAlabama]

It went from marketing services to investment advice real quick lol. Which one of the two is it?

for anyone around in Dubai, its crystal clear what it is.