Cryptocurrency banking is actively gaining momentum. Even traditional credit institutions are increasing their efforts to provide services in the digital coin segment. Therefore, the question of obtaining the appropriate license is becoming increasingly important. This is especially relevant in the realities of the UAE, where more than 70% of local citizens remain active crypto investors.
In the traditional banking segment, companies enter into White Label agreements, which allows them to operate under the license of one or another credit organization. However, this strategy is not suitable for banks that plan to provide cryptocurrency services. Regardless of the legal and regulatory framework, specialized organizations must obtain the appropriate license. This applies even to companies that provide the ability to store digital assets. The fact is that even such services are considered cryptocurrency operations.
Specifically speaking about the UAE, the licensing process can take from 4 to 12 months, and it is quite costly. For example, the registration fee for activities related to the storage and exchange of digital assets is $30,000.
