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Regulation of the cryptocurrency market in the UAE.

15 сентября 2022

For the crypto community, 2022 was not the most successful year. In addition to the fall in the capitalization of most cryptocurrencies and the ensuing bankruptcies of major projects, some countries, such as China and the US, have made it more difficult for digital assets to circulate (and Russia has become subject to restrictions on international bank transfers).

Against this background, the United Arab Emirates is an example of a successful policy of attracting capital from around the world. The main financial center of which is the emirate of Dubai.

Dubai is known for missing:  

  • tax on income of organizations:  
  • capital gains tax;
  • personal income tax;
  • income repatriation tax.  

The UAE also has double taxation agreements with many countries around the world. Dubais seaport has low duties, making it a major re-export market.

In 2021, Dubai Trade Center (DMCC), the UAEs largest free economic zone (FEZ), announced the creation of an ecosystem for cryptography and blockchain companies. These technologies have great potential for transforming global trade and logistics chains.  The DMCC, together with the UAEs financial management, developed a progressive and supportive regulatory framework for crypto-currency companies operating in Dubai. Activities conducted in the free zone, including the exchange of crypto assets, will be regulated by the UAE Securities and Commodities Office (SCA), making any transactions and exchanges of cryptocurrencies secure.

On July 5, 2022, the cryptocurrency exchange BANKOFF registered its branch in Dubai and received a license from DMCC. The license means that the company complies with the security requirements of the Dubai Multi-commodity Exchange and UAE legislation.

The cryptocurrency exchange BANKOFF is allowed to trade, convert and exchange digital assets and cryptocurrencies at the state level.

What are the benefits of a DMCC license and what are the benefits for those who use the cryptocurrency for investment or to pay for goods and services?  

The license requires the company to meet the following criteria:

  • The companys activities are subject to mandatory audit;
  • The company must have a registered capital of at least 50,000 dirhan in the bank account;
  • The company must have an address and premises;
  • You cannot transfer a license and a company from one FEZ to another;
  • Some licences cost an additional 20,000 dirhams per year;
  • Some activities require a business plan;
  • Any legal changes in the company must be registered with the DMCC.

In addition, the cryptocurrency exchange should additionally:

  • Show the reliability of technological systems;
  • To conduct market surveillance;
  • Perform customer checks;
  • Cut off insider trading and any other fraud on the market.

As you can see, having a state license puts a lot of responsibility on the exchange, in the end, users of services benefit. You can safely buy and sell cryptocurrency online or when you personally visit the office in Dubai and Moscow, which is convenient for transactions that are parties in different countries. Whether its an individual or a business, Dubais laws (Law 4 «On Regulating Virtual Assets») protect investors' rights.  

If you are considering investing in digital assets, or trading internationally under bank restrictions, a balanced solution would be to use a licensed cryptocurrency exchange. Please contact the Customer Support Service or the Marketing Department of BANKOFF, whose contacts are in the relevant section of the site. Or come to the customer service office in Dubai or Moscow.

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