Dubai bank account for crypto business
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Have a look into RAK bank too. I know that's who BitOasis use as their legacy banking partner (unless it's changed in the past few years). I would definitely recommend having multiple business and personal bank accounts in Dubai though. And make sure you get one that will do cross-border AED to AED transfers so that you can use FX brokers for getting money out the country otherwise you're stuck with the Bank you're at and their FX fees.
FYI, there is a online conference organized by DMCC︁ on 22 sept. 2021 11:00 AM - DMCC Crypto Centre – how to apply for︂ a licence: Welcome! You are invited to join a webinar: DMCC Crypto Centre –︃ how to apply for a licence. After registering, you will receive a confirmation email about︄ joining the webinar.
FYI also concerning opening a bank account for a crypto business in the UAE, there is still no regulation from the Central Bank, see UAE has not legalised crypto-currencies, says Central Bank
After weeks of going back and forth we can confirm that this article is FAKE news.
The official news that can be found on the official Commercial Bank of Dubai Website is that they from now on are open to onboard DMCC Freezone Companies because CBD before was not opening for any Freezone Company Bank Accounts unless you are an existing Client of them with 7 figures under management.
See here this is the︀ official announcement:
https://www.cbd.ae/wholesale/about-...ide-banking-services-to-their-license-holders
The official news that can be found on the official Commercial Bank of Dubai Website is that they from now on are open to onboard DMCC Freezone Companies because CBD before was not opening for any Freezone Company Bank Accounts unless you are an existing Client of them with 7 figures under management.
See here this is the︀ official announcement:
https://www.cbd.ae/wholesale/about-...ide-banking-services-to-their-license-holders
I took another look into the article from UNLOCK I initially shared and I think it does not contradict with the official cbd︀ announcement. The UNLOCK article just infers that crypto will also benefit from the agreement. The︁ article also says:
UNLOCK spoke to Commercial Bank of Dubai COO Mr. Stefen Kimmel who︂ replied, “As part of the partnership with DMCC we will be looking at providing business︃ accounts to all DMCC licensed companies, including cryptocurrency companies falling within the criteria.”
Did you︄ hear anything from cbd which denies this?
UNLOCK spoke to Commercial Bank of Dubai COO Mr. Stefen Kimmel who︂ replied, “As part of the partnership with DMCC we will be looking at providing business︃ accounts to all DMCC licensed companies, including cryptocurrency companies falling within the criteria.”
Did you︄ hear anything from cbd which denies this?
Of course it excludes Crypto.
Yes - speaking with 5 different Private Banker and RM's of CBD.
The conclusion is just misleading in the posted blog article - it's sad that people based on this article will waste money for a DMCC license with the false imagine of getting the Crypto license then banked with CBD.
Just my 2 cents based on my experience from︀ being everyday in the field fighting for every clients bank account.
Yes - speaking with 5 different Private Banker and RM's of CBD.
The conclusion is just misleading in the posted blog article - it's sad that people based on this article will waste money for a DMCC license with the false imagine of getting the Crypto license then banked with CBD.
Just my 2 cents based on my experience from︀ being everyday in the field fighting for every clients bank account.
Keep us updated if you actually go through with the︀ DMCC crypto licence and manage to get a bank account in Dubai, ty.
Did you manage to open a bank account after getting the DMCC license? There are companies that assist in account opening in Dubai, like Virtuzone. They charge 3000 AED if successful, 500 if unsuccessful. Usually the process is smoother when the client is introduced through these firms.
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