How to Get Started with Cryptocurrency Trading in DMCC Free Zone
Have you ever considered venturing into the cryptocurrency trading business? If so, starting your crypto trading business in the DMCC Free Zone in Dubai could be your best move!
As the world embraces new technology, innovations are reshaping our lives and work. Today, most financial transactions are online, and traditional methods are quickly moving to digital platforms.
Digital payment systems like PayPal and Google Pay have revolutionized money transfers, making online transactions faster, safer, and easier. This digital transformation has even extended to the concept of money itself, leading to the rise of cryptocurrency—a groundbreaking innovation redefining how we store, transfer, and manage value.
The evolution of blockchain technology marked a new era in finance, laying the foundation for cryptocurrency. Since its inception, cryptocurrency has become a hot topic in the financial world, consistently attracting investors and entrepreneurs. With digital asset transactions on the rise, more people are buying, selling, and trading cryptocurrencies daily.
For entrepreneurs ready to enter this dynamic market, obtaining a DMCC Crypto license is a crucial step. This license provides the legal framework and support necessary to operate within the DMCC Free Zone, ensuring your business thrives in Dubai’s rapidly growing cryptocurrency ecosystem.
Embrace the future of finance and set up your crypto trading business today with the help of our expert team!
What is Cryptocurrency?
Cryptocurrency is a digital currency that is purported to replace the existing mode of currency in the future. It is a form of online payment that can be used to buy services and goods. The principle behind digital modes of payment and cryptocurrency overlaps significantly, but the latter is unique in functioning.
Investing in cryptocurrency has time and again shown how lucrative it is over traditional modes of payment. Many are fascinated with the benefits that cryptocurrency holds, including:
Privacy: Cryptocurrency can be tracked and is transparent. However, one cannot trace its origins, thus providing a secure transaction.
Decentralized Technology: This allows only a two-person transaction. I.e., a third-party isn’t involved. Additionally, no one else can monitor the transaction.
Individuality: The payment can be acquired only by the involved parties and not by banks. Therefore, this gives more control over the cash flow as the account cannot be frozen.
Used Worldwide: Over 70 countries already have legalized the use of cryptocurrencies, including the UAE. The more important thing is that the value of cryptocurrencies does not differ from country to country.
Due to the far-reaching impacts that cryptocurrency has had, the UAE has identified it as an important asset. The Dubai Multi Commodities Center (DMCC) Free Zone in Dubai is the government entity for commodities trade and enterprise. It has come into a Memorandum of Understanding (MoU) with the Securities and Commodities Authority (SCA) to form the DMCC Crypto Centre.
Advantages of Setting up Cryptocurrency Business in DMCC Free Zone
DMCC is one of the only two free zones in the UAE that permits the issuance of cryptocurrency. It rose to prominence when it launched DigitalSugar. DigitalSugar essentially uses blockchain technology intuitively to bridge the gap between rural farmers and merchants for the trading of sugar on an international level. DMCC proved its capabilities of handling cryptographic and distributed ledger technologies with that launch.
In 2024, DMCC signs the initial agreement with SCA, which allows individuals to start a cryptocurrency business or carry out cryptocurrency trading in UAE.
The initial boost of success with cryptocurrency has allowed DMCC to provide ample opportunities to crypto-entrepreneurs in terms of co-working spaces, SMEs and an array of programs. The Crypto Centre also provides shelter to all the cryptocurrency businesses that exist within Dubai.
DMCC Free Zone Licenses for Cryptocurrency
The Crypto Centre offers a wide range of licenses to prospective businesses. The licenses that DMCC offers carry a lot of privileges and are cost-effective. Hence, starting a cryptocurrency business with DMCC Free Zone — especially with how frequently there are upsurges in the coin — would prove to be a very lucrative business.
The DMCC offers two licenses for cryptocurrency activity:
Proprietary Trading in Cryptocurrency-circles: This activity enables you to trade crypto-commodities that have been developed on distributed ledger technology applications. However, this activity does not include the exchange of cryptocurrency, providing brokerage services, payment processing, financial services, storage services or banking services.
Distributed Ledger Technology Services: This activity encapsulates all database management solutions and other ancillary services that run on distributed ledger technology such as blockchain. Licensees carrying out this activity aren’t permitted to provide any financial, payment processing, or brokerage services.
Dual License in DMCC Free Zone
DMCC Free Zone is one of the few free zones in the UAE that offers an option of dual licensing. By obtaining dual licensing, one can also conduct their businesses in mainland, essentially spreading over a wide area. In order to get eligible for dual licensing, one will have to obtain both free zone and mainland licenses.
Some of the most prominent benefits of obtaining dual-licensing are:
- Affordable packages
- Time-efficient
- Allows 100% foreign-owned companies to also perform operations in mainland
Get Started Here
If you are dreaming of starting your own company and carrying it forward with a team of employees under your wing, then consider that dream accomplished. We, Cross Link International, will start your company for you, so you don’t have to! Carry out your new business setup in Dubai with us and realize your dreams!
Cross Link International is one of the best business setup consultants in Dubai and will assist you in company formation, PRO Services, Visa Services, Business License renewal, Trade Licenses, free zone company formation, Golden Visa Procural, LLC company formation, Dubai Business Setup, 100% company mainland setup, and many more services that entail business formation. You can reach out to us through + 971 4321 6631 / + 971 55 744 6445 or fill-in this form to get a free consultation from us.
