Why you must start a blockchain company in Dubai?

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cryptocurrency License in UAE
cryptocurrency License in UAE

Dubai is a quickly expanding center of technology and innovation, especially in the fintech sector. This has motivated business owners looking to enter the world of blockchain and cryptocurrencies. Moreover, international investors are considering Dubai as one of the best places to start a cryptocurrency company. Numerous renowned crypto giants from all over the world are establishing their companies in the region and are applying for cryptocurrency license in UAE.

Dubai is a great place to start and expand your cryptocurrency business because it is poised to take the lead as the global center for the industry. The UAE government is doing everything in its power to pioneer the use of cutting-edge blockchain technology.

The UAE government has made the launching of cryptocurrency companies easier than ever before. With the introduction of business-friendly policies, tax structures, and VARA (Virtual Asset Regulatory Authority) which is a dedicated authority to take care of all crypto-related activities. 

Let’s first start with understanding blockchain.

Defining blockchain

Blockchain technology is also known as distributed ledger technology (DLT) and is used to record transactions across multiple computers that make the history of any digital asset unalterable through the use of a decentralized network and cryptographic hashing. 

What are the benefits of blockchain?

Although blockchain serves primarily as a database for recording transactions, it offers many advantages over conventional databases. Most significantly, it eliminates the potential for tampering by fraudulent and offers the following business advantages:

  • Saves time 

One of the biggest advantages of blockchain is the amount of time it saves. Transaction times on blockchain are reduced drastically because central authority verification is not necessary, and transaction settlement is much quicker.

  • Major cost savings 

Another major benefit of blockchain is that transactions require less supervision. Blockchain prevents effort duplication since users have access to a common ledger. 

  • Extremely secure 

Blockchain offers ultimate security against fraud, cybercrime, and any type of tampering. 

How are blockchain and cryptocurrency linked?

Blockchain is basically a technology that forms the foundation of the working of cryptocurrencies. Cryptocurrency is a sort of digital money that is decentralized and based on blockchain technology. Several companies are currently adopting cryptocurrency technologies. Every new entrepreneur in the worldwide business segment seeks a dependable and qualified adviser to assist them in implementing the most recent innovation. 

If we put it in simple terms, blockchain is a database of all crypto transactions that have occurred anywhere in the world at any time. It is a method of storing data that makes it nearly impossible to manipulate, hack, or cheat the system. 

Blockchain, a public ledger, distributes information about all crypto transactions over a network of all connected computers, allowing anybody to examine the data, including crypto mining and trading. There is no centralized control or authority.

Cryptocurrencies have fueled the growth and development of blockchain, as crypto relies on its network to exist. However, blockchain extends beyond cryptocurrency use. Not limited to the financial industry, the technology provides a variety of solutions that have already disrupted and will continue to disrupt several markets in the coming years.

Reasons to start a blockchain company in Dubai 

  • Low operating costs 

The budget is a foundation for any business and Dubai offers the investors to start a blockchain company with low operating costs as compared to other places all over the globe. Furthermore, crypto payments here are much cheaper than other modes of transactions and thus prove to be less expensive for businesses. 

  • Easy visa approvals 

Starting a blockchain business in Dubai can give you both direct and indirect benefits, especially in the case of getting visa approvals. UAE gives you the ease to get quick visa approvals. 

  • Quick license approval 

Getting a cryptocurrency exchange license in UAE in Dubai is very easy and quick when you work with a reliable and experienced business setup consultant in Dubai. They will help you create the required documents so that you can get all your approvals on time. It’s much easier with a business consultant. 

Steps to start a blockchain business in Dubai

  1. Select a company name, there are certain guidelines to follow while selecting your company name. Your company name must be unique and convey the nature of your firm.
  2. Choose the preferred jurisdiction that suits your business type and is beneficial for you. You can choose from the free zone, offshore, and mainland with each one having its own set of rules. 
  3. Apply for a crypto license. Starting a blockchain company requires you to have a license that is issued by the DED and other related authorities in the country. You have to submit the required documents and apply for the license. 

This is the best time to invest in a blockchain company in Dubai if you are someone who is looking to take advantage of the growing enthusiasm for blockchain. But you can make it easier with the help of an experienced and competent business setup consultant who can help you to put all things in place and give assist you get a crypto license with ease. 

 

Get assistance from experts at RadiantBiz

Starting a cryptocurrency business as a foreigner can be challenging. But you can make it easier with our experts at RadiantBiz. Working with us in Dubai will help you overcome this. We are your one-stop shop for completing all requirements for obtaining a cryptocurrency license in Dubai

We will take care of the paperwork required to register a cryptocurrency firm in Dubai, relieving you of all the extra stress. 

FAQs

  • Are there any taxes on blockchain companies in the UAE?

The UAE does not levy income taxes on blockchain companies and cryptocurrency transactions. 

  • How much does it cost to obtain a cryptocurrency license in Dubai?

It is difficult to provide an exact cost estimate for a cryptocurrency license in UAE. The total amount of capital required will be determined by the sort of business, the location chosen, and the size of the operation. Speaking with our specialists at Radiantbiz will help you get an accurate estimate of the costs needed, or you may use our cost calculator to get instant business estimates in Dubai.

  • What are the benefits of getting a cryptocurrency license in Dubai?

The cryptocurrency license falls under the category of “commercial license.” A cryptocurrency license in UAE has numerous advantages –

  • When compared to other UAE trade permits, they are exceptionally cost-effective. 
  • Also, it offers a far bigger earning potential than other licenses.

 

  • How long does it take in Dubai to receive a cryptocurrency license?

The process of establishing a new cryptocurrency corporation in the UAE could take up to one week. Take assistance from RadiantBiz to make the process much faster and smoother. Our experts have the best industry knowledge and skills that will make the complete process hassle-free for you. Moreover, with us, you can get a crypto license in UAE much faster. 

 

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