Why Are So Many Crypto Companies Moving to Dubai? 60 Already Licensed

Notably, Dubai is attracting more than just crypto exchanges. Businesses involved in brokerage, investment management, custody and other digital asset services are also entering the market.

Dubai Attracts Top Crypto and Financial Companies

Broker-dealer services make up the largest part of Dubai’s licensed crypto industry. Out of the 60 licensed companies, 44 are authorised to provide these services.

Meanwhile, 17 companies have exchange licences, while 13 are approved to offer management and investment services. Other licensed activities include custody, lending, borrowing and advisory services. Some companies are authorised to provide more than one service.

This collectively shows that Dubai is building a broad digital asset industry rather than focusing only on crypto trading.

Several well-known international companies have also joined the market.

Bybit Fintech FZE received an exchange licence on October 20. Payward FZCO, linked to Kraken, received approval in October to provide broker-dealer and investment management services. Rain MENA also received licences for exchange and broker-dealer activities.

Another major development was Standard Chartered Bank receiving a broker-dealer licence in August.