Dubai

• Leading crypto hub in the world. Such positioning attracts the attention of large players and ambitious startups from all over the world, which consider Dubai as a key center for the development of their businesses in the field of digital assets.
• Strategic location in the Middle East and North Africa. The jurisdiction is optimal for entering the markets of this part of the world. Here licenses have been received by Binance, BitOasis, OKX, Crypto.com, Hex Trust and many others.
• Well-developed regulation in the field of crypto assets and its own regulator. It is provided regulation of several categories of licenses for service providers in the field of crypto assets, which cover almost any business models. The rules are followed by one of the most advanced crypto regulators in the world.
• Document flow can take place in English. Dubai supports the use of English in the business environment, including at the official level.

• Strict regulatory requirements. Dubai imposes high standards on crypto service providers, including their infrastructure and management, which may be burdensome for companies without experience in strictly regulated jurisdictions. The regulation of Dubai gives a clear picture of the licensing process, but in some aspects it may seem excessive. 
• Long legalization process. The process of legalization in Dubai can take about 10-12 months depending on the complexity of the business model, as well as the completeness of the provided documents and the completion of all requirements.
• Need for several licenses from different regulators. At present, there are 5 regulators in the UAE at different levels and on different territories. Even with a crypto license from the Dubai regulator, a company for expanding its presence may need to obtain separate licenses from other regulators. This is due to the lack of a unified crypto regulation in the country.

The level of expenses for legalization in the jurisdiction is high.

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• State fee for company creation: significantly depends on the jurisdiction and the number of selected types of activity, but, as a rule, the cost varies from USD 4,555 to USD 22,000.
• Authorized capital: significantly depends on the selected types of activity, but can vary from USD 27,000 to USD 405,000 for 1 type of crypto activity.
• State fee for considering the application for a license: significantly depends on the selected types of activity, but can vary from USD 10,800 to USD 27,000 for 1 type of crypto activity.
• Annual state fee for a license: significantly depends on the selected types of activity, but can vary from USD 21,600 to USD 54,000 for 1 type of crypto activity.

• Preparation and submission of a package of necessary documents to the jurisdiction.
• Consideration of the application and receipt of preliminary approval from the jurisdiction's management.
• After receiving preliminary approval from the jurisdiction's regulator, the completion of operational processes (hiring employees, renting office space, etc.) and final incorporation.

• Filling out a special questionnaire and sending key information to the crypto regulator.
• Receipt of preliminary permission in the part of crypto licensing.
• Payment of the first registration fee.
• Preparation of the main package of documentation and submission of an application for the full crypto license.
• Consideration of the application by the regulator.
• Payment of remaining fees and issuance of a full crypto license by the regulator.
• Compliance with post-licensing requirements.