The UAE has started a while ago to focus on the development of new technologies which have allowed it to diversify its economy. During the past decades, the country has seen an extraordinary development and has become one of the most advanced places in the world. Research and innovation has been pushed by the central authorities and now Dubai and Abu Dhabi have a wide range of digital services which have eased the life of the population.
Regarding specifically Dubai, the local government encourages the development of SMEs operating in the innovation industry and at the beginning of the current year it has even issued its own cryptocurrency EmCash as a payment method.
A cryptocurrency company in Dubai can be a successful business and can be settled in a Free Zone.
According to the law, companies are allowed to accept digital payments which opens the door to the cryptocurrency business. A crypto currency is a digital trading currency which uses cryptography to make guarantee the safety of transactions and to generate money. It is not managed by a centralised body and its safety is guaranteed by the blockchain technology. The use of digital currencies which was previously banned, was approved by the Dubai government at the beginning of the year when the new Regulatory Framework for Stored Values and Electronic Payment Systems was enabled.
Foreign investors who want to start SMEs in the innovation field can open cryptocurrency companies in Dubai and are encouraged by the UAE Central Bank and by the Dubai Supreme Legislation Committee which promote the use of digital currency.
To start-up a cryptocurrency business in Dubai is not difficult and there are no specific requirements related to the registration of a company in Dubai, as investors must only register one of the types of companies available and apply for one of the business licenses under which it can operate.