Companies trading virtual assets can now be domiciled in Dubai’s Free Zone

Ana Bruno & Associados, Sociedade de Advogados, RL | View firm profile

Dubai has been, over the past few years, orienting its policies in order to welcome and attract companies trading virtual assets, namely crypto assets.

Therefore, as part of this strategy, Dubai Multi Commodities Centre (DMCC) has established the Dubai Crypto Center, which has been consolidating itself as one of the world’s leading ecosystems for blockchain and cryptographic technologies.

Complementing this strategy, the DMCC has signed a memorandum of understanding with the Government of Dubai and with the Securities and Commodities Authority (SCA) to establish the legal framework for companies that offer, issue, list and trade crypto assets may change their domicile to Dubai’s Free Zone.

Under the terms of this memorandum, both companies dealing in crypto assets and related businesses can now obtain licenses offered by the Dubai Crypto Centre (DMCC), thereby establishing themselves in the DMCC.

Thus, in exchange for the domiciliation of these companies in Dubai, they will be granted with access to several advantages, namely:

  • Full ownership of the company’s share capital by foreign citizens;
  • Facilitated transfer of company profits and capital.

To conclude, these measures led to the fact that companies engaged in trading virtual assets now have an excellent opportunity to set up their domicile in the Dubai’s Free Zone, thus ensuring access to all the advantages that come with it.

More from Ana Bruno & Associados, Sociedade de Advogados, RL