How to Get a Cryptocurrency License in Dubai
If you are looking to launch a crypto-currency business, then you should know how to get a cryptocurrency license in Dubai. Cryptocurrencies are digital money, which can be stored in digital wallets, exchanges, or physical hardware. These currencies can be sent between addresses. There are thousands of cryptocurrencies available for trading and purchase, but the most popular are Bitcoin, Ethereum, US Tether, and Stellar. To launch your crypto business, you need to get a license from the Department of Economic Development. To obtain a license, you need to submit a detailed business plan.
To get a license, you need to demonstrate your business’s assets and financial statements. This is done with the help of a DED-approved commercial license. The license must also be valid for at least 6 months. Moreover, it must have clean records, and all information about your business activity should be stored in a crypto wallet. Alongside these documents, you will also need to submit a copy of each business owner’s passport.
In 2014, the Business Bay Pizzeria was the first to start accepting cryptocurrency consultants in Dubai, but they failed. This was mainly because cryptocurrency was not widely known. The restaurant in Abu Dhabi, however, accepted cryptocurrency in 2018 but did not have much success. In the US, many clinics accept bitcoin as payment for treatment. Some hospitals are also investigating the risks of accepting cryptocurrency.