By Mark Ackman
UAE Is Ready To Issue Hassle-Free Licenses to VASPs
Gofaizen & Sherle is a UAE-based foreign FinTech law firm that specializes in offering virtual asset consultative services.
Before coming to UAE, the firm was facilitating Virtual Asset Service Providers (VASPs) in Europe in obtaining licenses, NOCs, etc. from regulators.
Hailing from Estonia originally, Gofaizen & Sherle is now the leading and one of the biggest FinTech in the entire UAE.
The firm has developed a convenient service through which the VASPs can obtain the licenses required for them. They can continue offering their services after acquiring the necessary licensing.
The service introduced by FinTech could easily be regarded as the first crypto product that has been launched in UAE. It is the FinTech sector that laid the foundation for the expansion of the crypto industry in the entire country.
Although, there are plenty of crypto products available in UAE, however, all of them are foreign-based. The country now wants to expand its influence and wants to launch products that have been produced within its development sectors.
The state has also launched a hub for the fast expansion of crypto services throughout the region. The particular hub will let the companies work and launch their products without paying any taxes.
Gofaizen & Sherle has stated that the product has been launched to assist VASPs in the delivery of their services.
The firm noted that delivery of services by VASPs firstly requires obtaining of license from the UAE’s crypto regulator.
Usually, this process is cumbersome, time-consuming, and burdensome, all over the world.
Gofaizen & Sherle is committed to offering direct assistance to crypto startups and businesses in undergoing the licensing process and procedure.
According to the firm, it shall start rendering such services initially in the UAE’s top free zones namely IFZA and DMCC.
Both these zones are the top tax-free regimes in the UAE and, most importantly, they both are 100% Dubai-based.
Licensing Process Is Time-Consuming
The general thought is that licensing is one of the toughest and most time-consuming processes that businesses have to go through initially.
In UAE, this process for VASPs takes 9 months at least and could be delayed over a year, depending on the case.
Within this time, the company intends to do business and is asked to submit a plethora of documents whose collection is also very annoying.
So for making this process convenient, Gofaizen & Sherle has promised to complete licensing process within a maximum period of three months only.
The firm has stated that business owners would not need to arrange, collect and submit the documents to the license issuing authority.
Instead, the documents such as registrations, Memo & Articles, Incorporation Certificate, etc. shall all be collected by the firm itself.
The firm even said that the opening of an account with any financial institution shall also be covered within these 3 months.
Dubai on the Road to Become Crypto Hub
The entire region of UAE is one of the fastest expanding areas in terms of the crypto industry. Experts do not doubt that in the upcoming future, UAE would be the world’s crypto and blockchain hub.
UAE, and in particular Dubai, are tailor-made regions that can easily ensure the growth of the industry in a conducive and friendly environment.
UAE’s Government is also offering its maximum support to the digital industry and VASPs. It has made public statements in which it has offered direct help to VASPs in the quick establishment of their business in the UAE.
Similarly, UAE’s Government has high hopes for the industry because it could be another way of strengthening regional economies.
Interested parties should know that Gofaizen & Sherle would offer them paid services but a license would be guaranteed.
But before anyone decides to move to UAE for the crypto business, he must know that the minimum capital requirement is about 50K AED.