Im looking to setup a Dubai Based LLC or whatever is suggested best just to provide OTC Services in Dubai, I Have no issues with KYC or anything as such. If Someone can guide on how to go about this it would be of great help.
From what I have learned is that Dubai banks are not crypto friendly, so if this can be guided or properly advised it would be off great help
TIA
UAE crypto licenses are barely worth the paper they're printed on. And that includes fully digital licenses. A one megabyte PDF of a license is one megabyte you could have used for something more useful.
Banks in UAE don't touch crypto. Banks outside of UAE barely touch UAE to begin with, let alone when crypto is involved. Some people have had success with a couple of EMIs and some Swiss/Liechtenstein banks (SEBA, Sygnum, Frick) but those options are usually not OTC and are drying up quickly.
If all you need is AED and no domestic transfers only, you might be able to convince Mashreq to help you.
Otherwise, get a license in EU. That'll give you access to SEPA and ”” with the right connections, with restrictions ”” SWIFT.
Vara license is the equivalent to a vasp but for dubai. If you plan on working in crypto in dubai. You'll need one. Reason I want a dm is. I'm looking for a partner in dubai who is vara licensed
Does anyone know how complicated the process is and what costs we are looking for to get that license in the UAE compared to other countries ?
Takes a year + about 60k usd to apply i believe + yearly renewal and a ton of documents. Basically the most annoying/difficult piece of paper that is useless anywhere outside dubai
Takes a year + about 60k usd to apply i believe + yearly renewal and a ton of documents. Basically the most annoying/difficult piece of paper that is useless anywhere outside dubai
Why don't you get the license yourself if you know how to make money from the business industry?
