Eternity Law International — News — Legalization of Cryptocurrency Trading in the UAE

Legalization of Cryptocurrency Trading in the UAE

Published:
September 29, 2021

The regulatory authorities of the UAE have determined the procedure for working with cryptocurrency. Now, investors are given the opportunity to trade and other cryptocurrency transactions within the DWTCA Free Zone – Dubai World Trade Center Authority.

An agreement has been concluded between DWTCA and SCA (Securities and Commodity Control Authority), the provisions of which will govern all activities related to cryptoassets. In accordance with the new agreement, areas of responsibility were distributed between representatives of departments and, in addition, a separate procedure was established for registering and regulating the work of a company operating in cryptocurrencies.

In addition, DWTCA expanded the list of commercial licenses, benefits and services, and assumed responsibilities regarding the issuance of permits for the implementation of cryptocurrency activities. As such, local organizations are now also eligible to obtain a license allowing cryptocurrency trading within the DWTCA Free Zone.

Duties and Responsibilities of SCA and DWTCA

The Dubai Mall, which brings together international operations, is a critical location for doing business in the Middle East. Listed as a free zone, which is under the control and management of DWTCA, it tries to stimulate commercial activity in every possible way, in particular, setting zero tax rates, giving complete freedom for the movement of capital, without setting any currency restrictions, simplifying the registration process and the like. The listed privileges are also available to those companies that are already operating in the cryptocurrency market, which provides an opportunity for Dubai to become a launching pad for firms to enter the international level.

SCA representatives will oversee and from time to time audit the operation of companies in the DWTCA Free Zone. In fact, these functions are classic for the regulator, which is the SCA. In addition, the SCA is also responsible for providing adequate investor protection, creating an enabling environment for investment, and guaranteeing market transparency.

You can also see our offers in category ready-made companies and licenses for sale.

You could be interested

Open a bank account in Cyprus

Cyprus is the most attractive country for business registration. It proposes low taxation, simple procedures for incorporation and subsequent business management and stability in politics and law. If you plan to form your company in Cyprus, you have to open an account in one of the local banks. It will be a profitable investment, as...

Asset management license in Luxembourg

The duchy possesses role of heavy-experienced and dynamically-progressing center for EU investmenting organizations. Its prosperity is due to politic steadiness, active encouraging of abroad-coming investments, favorable and clearly defined legislative basis, multilingual personnel and highly-set expert background level. Our firm is made up of highly-qualified professionals being true experts in business-startup industry. We operate worldwide...

Ready-made Market Maker in Cyprus for sale

Ready-made Market Maker in Cyprus for sale ICF Contribution – 105 000 Euro CySEC Fees – 3 500 Euro Monthly Expenses – Approx. 20 000 Euro Share capital 760k Euro The year of foundation of the company is 3 years Asking price: 290 000 Euro Please feel free to join our Telegram channel in order to...

ICO in Switzerland

CURRENT ACCOMMODATION OF COINS OR ICO FROM VIEW OF SWISS law The initial placement of coins, or, as it is also called ICO in Switzerland is considered an irregular method of involving an investment in a project. In essence, it is the issue of digital coins or tokens that are used to create a new...

How To Setup a Company in DMCC Free-Zone

Dubai Multi Commodities Centre (DMCC), established in the heart of Dubai in 2002, is one of the most prestigious and rapidly growing free-zones globally. With over 15,000 registered enterprises from various industries, DMCC is a hub for global trade, attracting entrepreneurs and corporations aiming to tap into the Middle Eastern and global markets. The allure...

Crypto regulation in South Africa

The vital popularity of virtual currencies in South Africa has increased over the last few years. It’s important to comprehend the developing landscape of digital currency rules in the state.  The main authority doesn’t regulate the digital currencies, since they can’t correspond to the definition of a lawful tender. Any supplier had the opportunity to...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

1629 K St. Suite 300 N.W.
+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
+852800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free
Calls are made only from Portugal

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360