Marketing Department / Sunday, March 16, 2025 / Categories: Cyprus Crypto Tax, Client Enquiries Real Client Enquiry: Opening a Bank Account in UAE with a Crypto friendly bank Real client enquiry about crypto tax CYAUSE response: Dear client, Good morning and hope you are well. It would be hard to say for crypto. UAE is considered a crypto-friendly country, however banks here are extremely cautious when it comes to transactions with crypto exchanges. As far as I know, RAKBANK, FAB, ENBD, HSBC can support subject to due diligence. It is also worth mentioning that opening a local bank account for a foreign company is close to impossible, especially for high-risk activities such as crypto. For this purpose we offer clients to incorporate a free zone company with the activity: “Virtual Assets Proprietary Trading in Crypto-commodities”. This activity allows crypto trading using only own company’s funds. For crypto exchanges or other businesses that involve 3rd parties funds it would be a different activity and very long and very hard to receive an approval. ADGM is one of a few freezones that offer such activities for crypto exchanges and crypto fund management. Binance used to be licensed their but recently switched to World Trading Center in Dubai. Best regards, CYAUSE team Interested about Cyprus crypto tax? Read relevant literature here. Previous Article Tax Advice Quotation to a Permanent Establishment in Cyprus Next Article Incorporation of a company in Cyprus. Enquiry about the set up and accounting/audit services costs Print 252 Rate this article: 2.0 Tags: cryptoetheriumbitcoincryptotaxBank accountDubaiBankingCrypto coinsbank account openingUAEcrypto-friendly countrycrypto exchangesRAKBANKFABENBDHSBClocal bank accountforeign companyhigh-risk activitiesfree zone companycrypto trading3rd parties fundsADGMcrypto fund managementWorld Trading Centercrypto assetstokenscorporate crypto accountbank account for cryptoscorporate crypto bankbusiness crypto account Please login or register to post comments.