Setting up a Dubai OTC DESK

[Smartmoney]

Hi Guys,

Im looking to setup a Dubai Based LLC or whatever is suggested best just to provide OTC Services in Dubai, I Have no issues with KYC or anything as such. If Someone can guide on how to go about this it would be of great help.

From what I have learned is that Dubai banks are not crypto friendly, so if this can be guided or properly advised it would be off great help
TIA

 

[Sols]

UAE crypto licenses are barely worth the paper they're printed on. And that includes fully digital licenses. A one megabyte PDF of a license is one megabyte you could have used for something more useful.

Banks in UAE don't touch crypto. Banks outside of UAE barely touch UAE to begin with, let alone when crypto is involved. Some people have had success with a couple of EMIs and some Swiss/Liechtenstein banks (SEBA, Sygnum, Frick) but those options are usually not OTC and are drying up quickly.

If all you need is AED and no domestic transfers only, you might be able to convince Mashreq to help you.

Otherwise, get a license in EU. That'll give you access to SEPA and ”” with the right connections, with restrictions ”” SWIFT.

Toggle signature
This is the probably the answer to your question.

 

[offshoremaster17]

If you do open one and get the vara license. Please dm me

 

[JackAlabama]

that market is pretty crowded. Unlikely you succeed just like that. Youd need a strong usp.

 

[sebastian]

offshoremaster17 said:
If you do open one and get the vara license. Please dm me
Click to expand...

Why would he dm you ?

 

[offshoremaster17]

sebastian said:
Why would he dm you ?
Click to expand...

I am looking for good OTC desks in dubai.

 

[JackAlabama]

offshoremaster17 said:
I am looking for good OTC desks in dubai.
Click to expand...

they come and go, but if you spend some time there you should be helped.

 

[sebastian]

Do you say there is no professional OTC desk available that has been in business for at least a few years ?

 

[PhantomOf ThePits]

sebastian said:
Do you say there is no professional OTC desk available that has been in business for at least a few years ?
Click to expand...

Do you need the OTC desk to be in the UAE or just a professional desk catering to UAE Residents?

 

[JackAlabama]

sebastian said:
Do you say there is no professional OTC desk available that has been in business for at least a few years ?
Click to expand...

i dont say that. there is.

 

[Propeller]

offshoremaster17 said:
If you do open one and get the vara license. Please dm me
Click to expand...

What is the VARA license, mind to elaborate and why should I DM you ?

 

[offshoremaster17]

Vara license is the equivalent to a vasp but for dubai. If you plan on working in crypto in dubai. You'll need one. Reason I want a dm is. I'm looking for a partner in dubai who is vara licensed

 

[redeye]

Does anyone know how complicated the process is and what costs we are looking for to get that license in the UAE compared to other countries ?

Toggle signature
Only the early bird catches the worm.

 

[offshoremaster17]

redeye said:
Does anyone know how complicated the process is and what costs we are looking for to get that license in the UAE compared to other countries ?
Click to expand...

Takes a year + about 60k usd to apply i believe + yearly renewal and a ton of documents. Basically the most annoying/difficult piece of paper that is useless anywhere outside dubai

 

[bubbledouble]

offshoremaster17 said:
Takes a year + about 60k usd to apply i believe + yearly renewal and a ton of documents. Basically the most annoying/difficult piece of paper that is useless anywhere outside dubai
Click to expand...

Why don't you get the license yourself if you know how to make money from the business industry?