Dubai bank account for crypto business

[myself]

I'm trying to create a company in Dubai for crypto trading (license for a crypto trading business, something that is now offered by the DMCC). I need to select a bank where the business account will reside.
The DMCC explicitly mention in their documentation that "we do not guarantee the creation of a bank account". I guess it's because of the known hostility that banks have to crypto. I still need to try. What I'd like to figure out is which banks are more likely to grant a bank account for my business? I'll use this account for transfers to/from exchanges such as binance and kraken.

 

[Martin Everson]

Have you tried Finductive in Malta?

 

[myself]

Have you tried Finductive in Malta?

No. The account needs to be in a bank in Dubai.

 

[myself]

I'm trying to create a company in Dubai for crypto trading (license for a crypto trading business, something that is now offered by the DMCC). I need to select a bank where the business account will reside.
The DMCC explicitly mention in their documentation that "we do not guarantee the creation of a bank account". I guess it's because of the known hostility that banks have to crypto. I still need to try. What I'd like to figure out is which banks are more likely to grant a bank account for my business? I'll use this account for transfers to/from exchanges such as binance and kraken.

I've just found this article. Maybe worth a try with the Commercial Bank of Dubai.

https://www.unlock-bc.com/news/2021...pto-businesses-in-dmcc-with-banking-services/

 

[Martin Everson]

No. The account needs to be in a bank in Dubai.

Why?

 

[myself]

Why?

Because the crypto trading company I want to open will be in Dubai.

 

[JFP]

So? bank account doesn't have to be in the same country in which the company is incorporated

 

[myself]

So? bank account doesn't have to be in the same country in which the company is incorporated

Are you saying that I can open a bank account in Malta, for example, for a business that is incorporated in Dubai?

 

[carz]

Are you saying that I can open a bank account in Malta, for example, for a business that is incorporated in Dubai?

You aint opening s**t related to crypto in malta . But ye, that’s what he’s saying.

 

[myself]

You aint opening s**t related to crypto in malta . But ye, that’s what he’s saying.

What is a better place than malta?

 

[carz]

What is a better place than malta?

I don't know any real banks that accept proceeds from crypto in Malta - most probably due to restrictions from their correspondent banks, maybe that will change (after they get off greylist?).

I have no experience with dubai. From what I read I think one way around it is to use exchanges like Kraken which local banks do not classify as crypto exchanges (or purely crypto) for some reason. But I don't know how an entity licensed as a crypto business would get a bank account in the first place. I would talk to @Fred from dls dubai.

 

[myself]

I don't know any real banks that accept proceeds from crypto in Malta - most probably due to restrictions from their correspondent banks, maybe that will change (after they get off greylist?).

I have no experience with dubai. From what I read I think one way around it is to use exchanges like Kraken which local banks do not classify as crypto exchanges (or purely crypto) for some reason. But I don't know how an entity licensed as a crypto business would get a bank account in the first place. I would talk to @Fred from dls dubai.

The Commercial Bank of Dubai actually announced that they will provide accounts to crypto business in Dubai. There's where I think I should try first.
https://www.unlock-bc.com/news/2021...pto-businesses-in-dmcc-with-banking-services/

 

[carz]

The Commercial Bank of Dubai actually announced that they will provide accounts to crypto business in Dubai. There's where I think I should try first.
https://www.unlock-bc.com/news/2021...pto-businesses-in-dmcc-with-banking-services/

Awesome if true, if you could keep us updated please do.

 

[myself]

Awesome if true, if you could keep us updated please do.

Sure I will. I expect to have an answer within few weeks as I'm still going through the process with the DMCC.

 

[Martin Everson]

Are you saying that I can open a bank account in Malta, for example, for a business that is incorporated in Dubai?

I hope you were not thinking you have to open an account in same country as company. How much research have you done before deciding to open a crypto company...sounds worrying to me .

The Commercial Bank of Dubai actually announced that they will provide accounts to crypto business in Dubai. There's where I think I should try first.
https://www.unlock-bc.com/news/2021...pto-businesses-in-dmcc-with-banking-services/

Something tells me that bank has no idea about crypto or KYCC needed to prevent money laundering in a place like Dubai...lol. Lets see how long this lasts. Get a backup bank as Dubai ruler can change laws literally within 24hrs.

 

[troubled soul]

Keep in mind that Something in Dubai that sounds great but in reality It is completely useless.

Government declare some new initiative, but in ground level people are clueless about this.
Same here it says that CBD will provide bank account for crypto.
When you contact CBD for the same , they are clueless about this.

 

[myself]

Keep in mind that Something in Dubai that sounds great but in reality It is completely useless.

Government declare some new initiative, but in ground level people are clueless about this.
Same here it says that CBD will provide bank account for crypto.
When you contact CBD for the same , they are clueless about this.

I'll have to try anyways.

 

[myself]

I hope you were not thinking you have to open an account in same country as company. How much research have you done before deciding to open a crypto company...sounds worrying to me .



Something tells me that bank has no idea about crypto or KYCC needed to prevent money laundering in a place like Dubai...lol. Lets see how long this lasts. Get a backup bank as Dubai ruler can change laws literally within 24hrs.

I didn't do much research. Where's the problem if the account and the company are located in the same country?

 

[Martin Everson]

I didn't do much research.

Thought so.

Where's the problem if the account and the company are located in the same country?

Where is the problem if they are not both located in same country is the question that you need to answer?

 

[myself]

Thought so.



Where is the problem if they are not both located in same country is the question that you need to answer?

yes