Crypto Companies Can Now Apply for Licenses Under UAE’s Securities Regulator

The UAE says that virtual assets “may not be traded in the country” unless accepted by its federal securities regulator

April 18, 2023 11:46 am

Allexxandar/Shutterstock modified by Blockworks

The United Arab Emirates said Monday, April 17 that its federal securities regulator will be accepting applications from companies that want to provide crypto services in the country with the exception of virtual asset companies that are already operating in financial free zones.

There are over 40 free zones within the UAE that allow full foreign ownership as well as exemptions from corporate and income taxes.

Last November, the Council of Ministers defined the services that would fall under the license requirement from the securities regulator.

Newsletter

Subscribe to The Breakdown

This included virtual asset platforms, which list, trade, or transfer ownership of virtual assets, as well as platform operators and services providers. Also listed were distributed ledger technologies, including digital databases that track and share virtual assets, and stored value facilities–meaning “non-cash facilities that are purchased by a user as a mean of payment for commodities and services.”

The cabinet also clarified requirements for licensed virtual asset companies, which include efficient technical systems that can protect investor data.

However, companies that want to operate in Dubai will also have to obtain a license from the Dubai Virtual Assets Regulatory Authority, in addition to the necessary approval from the Securities and Commodities Authority.

Dubai, which has become a home for hundreds of crypto start ups, launched VARA in March 2022 to oversee crypto trades as well as product issuances.

Some firms have also been granted provisional licenses following plans to enter the UAE. Binance, Crypto.com, OKX and Komainu have all revealed plans to enter the UAE.

Get the news in your inbox. Explore Blockworks newsletters:

The Breakdown: Decoding crypto and the markets. Daily.
0xResearch: Alpha in your inbox. Think like an analyst.

Tags

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Digital Asset Summit 2026

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

IREN: Maintaining Bullish View Post Refinancing

IREN closed a transformative capital raise in December, issuing $2.3B in convertible notes alongside a $1.6B equity offering while retiring dilutive legacy converts. The company's full-stack model sets it apart from colocation peers, with the Microsoft contract illustrating the premium economics of owning the entire stack from power to GPUs rather than simply leasing rack space. IREN's 3GW portfolio of grid-connected power positions it as a critical supplier to capacity-constrained hyperscalers, with management guiding to 85% project EBITDA margins and payback periods significantly shorter than traditional colocation models. Near-term catalysts include additional hyperscaler deals at Sweetwater, progress on GPU financing, and potential expansion into Oklahoma as the power scarcity thesis continues to play out.

by Sam Schubert