Binance receives Dubai: UAE license to register crypto companies

The recent announcement that the cryptocurrency exchange Binance has received a license to operate in Dubai opens up new opportunities for crypto companies in the United Arab Emirates. With a Virtual Asset Provider (VASP) license, Binance can open an office in the emirate and provide digital asset exchange services to qualified investors and financial firms. This event confirms the UAE's progressive approach to cryptocurrency regulation and provides new perspectives for entrepreneurs in the sector.

In the past, the UAE was known as a progressive, but not always convenient jurisdiction for working with cryptocurrencies. However, with the recent introduction of special licenses and the emergence of major players such as Binance, the situation has improved significantly. Currently, the UAE provides not only favorable conditions for working with cryptocurrencies, but also a comprehensive set of licenses for the registration of crypto companies.

Let's first understand what the VASP license obtained by Binance is:

The VASP (Virtual Asset Service Provider) license allows for the provision of virtual asset exchange services and gives the right to open an office and conduct business in Dubai, and also provides a legal framework to protect investors and maintain a high level of compliance. The VASP license is important for crypto companies because it provides legal status and the ability to operate within a regulated environment, which increases the confidence of customers and investors.

If you choose a jurisdiction to register a crypto company, this country is ready to provide your business with the following advantages:

1. Fair taxation: There is no personal income tax in the UAE, and corporate taxes vary from 0 to 9%, which is a significant advantage for businesses.
2. Progressive regulation: The UAE is actively implementing new regulations to support cryptocurrency companies and soon the region has every chance of becoming a new hub for crypto entrepreneurs.
3. Convenient conditions for business: companies can use the services of global financial institutions and high-level infrastructure.

For the successful registration of the main company in the UAE of our clients in the cryptosphere, we suggest considering a freezone company in Meydan (Dubai) with the following types of licenses:

1. Investment in Commercial Enterprises
2. Web Portal
3. Technology Information
4. Project Management Services
5. Social Media Applications Development & Management

The term of company registration is only 7-10 days.

Among the features of registration, the following should be noted:

- A company can be registered by a person with an existing entry stamp for any period.

- The founder needs to obtain a residence visa and apply for opening a corporate bank account in the UAE.

- VAT registration upon reaching a turnover with local companies of 375,000 dirhams (VAT rate is 5%).

However, when registering and conducting business in the UAE, crypto companies may face a number of complexities and risks, the main of which are compliance issues, namely compliance with all the numerous regulatory requirements and data security standards, as well as possible difficulties with opening bank accounts and going through registration procedures.

Antwort Law will help you go through any bureaucratic complexity and implement a full range of legal services for the registration and support of crypto companies in the UAE:

1. Preparation of documents and company registration.
2. Obtaining licenses and visas.
3. Opening a corporate bank account.
4. Consultations on tax optimization.
5. Development of AML policies and compliance documents.

With the introduction of new regulations and the acquisition of licenses by major players such as Binance, the UAE is becoming one of the most attractive regions for crypto companies. Responsible regulation, tax incentives and access to global financial markets make the UAE an ideal place to register crypto companies. Contact Antwort Law today to learn more about registering and supporting your cryptocurrency business in the UAE.

Lidia Ivanova

International lawyer
Antwort Law