Description
A UAE Cryptocurrency Licence (CPL) is a unique combination of laws that govern trading and investing within the country and among foreign investors. The Cryptocurrency Business Activity and Development Authority (CDAAD) is the government agency that has been given authority by the government of Dubai to grant licensing to commercial entities for trading and investing in cryptosystems. These cryptosystems are normally the ones related to money, currencies, or any other financial instruments. The Dubai Government believes that by regulating these businesses the only way for them to succeed is by making sure that they adhere to all the laws of the country and other countries as well.
The Cryptocurrency Companies in Dubai are required by law to operate according to the highest standards of professionalism. This would include not only accounting but also auditing of their business operations. They need to follow the rules of the National Business Council of Dubai which requires at least one licensed public accountant on staff at all times. They also need to register with the Monetary Authority of the United Arab Emirates (MAA), which is a government agency that works with international standards for the supervision of the monetary activities of companies and individuals in the country. The company needs to maintain a deposit account which is used solely for the purpose of conducting business. They may hold balances in their accounts at banks throughout the world but at all times they must maintain records of these in a different location.
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