The UAE is on board to promote and adopt blockchain technology. Dubai is already leading the way in developing the future of blockchain technology with government organizations and private entities alike embracing the possibilities of blockchain.
You can already open a cryptocurrency license in specific free zones in Dubai. UAE is drafting crypto laws that more regional offices in charge of business registration will be able to use.
Major international companies in the UAE like Binance want to build a presence in 2022. In Dubai it will be the first global bitcoin exchange. It appears that Kraken is also making preparations to enter the Middle East.
How to get a crypto license
The specific business activity you intend to engage in will greatly impact the licensing authority you choose, the registration procedure, and the associated expenses.
The procedure for registering a cryptocurrency business in the UAE will often go like this:
Step 1 - Determine your line of business
Step 2 - Develop a business plan.
Step 3 - Apply to the licensing body where you want to receive a license.
Step 4 - Comply with legal requirements
Step 5 - Obtain a license
How Blockchain Technology is used to keep track of cryptocurrency transactions
Blockchain technology is used to keep track of cryptocurrency transactions as it allows for secure, transparent and tamper-proof record keeping. Cryptocurrencies are often traded on decentralized exchanges, which use blockchain technology to function.
The recent Blockchain World War event in Dubai was a two-day conference that aimed to promote the use of blockchain technology in the UAE. The event featured several high-profile speakers, including representatives from the Dubai government and leading businesses in the country.
With its strong focus on innovation and technology, the UAE is well positioned to become a leader in adopting blockchain technology.
The advantages of using blockchain
The use of blockchain technology has multiple advantages that can be leveraged in a variety of industries. One of the most promising blockchain applications is in the area of supply chain management. The benefits of using blockchain in supply chain management include:
1. Increased transparency – Blockchain provides a shared, tamper-proof ledger that can be used to track the movement of goods and materials throughout the supply chain. This increased transparency can help to improve communication and collaboration between supply chain partners.
2. Improved traceability – Blockchain's traceability features can be used to track the history of items as they move through the supply chain. This information can be used to identify issues and investigate potential problems.
3. Reduced costs – Blockchain can help reduce the costs associated with traditional supply chain management processes, such as data entry and reconciliation.
4. Faster transactions – Blockchain technology can help to speed up transactions between supply chain partners. This can improve efficiency and shorter lead times for products and materials.
5. Enhanced security – Blockchain's distributed nature, and cryptographic features provide a high level of security for data stored on the platform. This can help to protect sensitive information from tampering
As technology advances, your business needs to advance along with it. Adler & Partners provides clients with dedicated cryptocurrency services for real estate transactions and bank payments in the form of managers cheques. Contact us to know more!