Virtual Assets · Code 6619109

Crypto Wallet Provider License UAE

ISIC classification: Other activities auxiliary to financial service activities (6619)

Typically requires Designated Zone status for VAT purposes

About this activity

Issues and maintains software or hardware wallets enabling clients to store, send, and receive cryptocurrency, with optional key-recovery services.

Regulatory requirements

Requires external approval — Virtual Assets Regulatory Authority (VARA) (Dubai) / Securities & Commodities Authority (SCA) (other Emirates)

100% foreign ownershipYes

Facility requirementLicensed Custody Facility with Cold/Hot Wallet Security Infrastructure

Market Analysis

Whether a wallet provider needs a VARA license hinges entirely on custody model: a non-custodial wallet (user holds their own private keys; the provider never controls funds) generally sits outside VARA's Custody Services requirement, while a custodial wallet (provider holds keys on behalf of users) falls squarely under VARA's Custody Services category — AED 100,000 application fee, AED 200,000/year supervision, per the custody cluster covered elsewhere in this dataset.

This is one of the more consequential classification questions in the entire Virtual Assets category, since it determines whether the applicable license costs AED 9,000 (Sharjah professional/tech license for pure software) or six figures annually (VARA custody). Get a definitive answer on custody model before quoting a fee for this activity.

100% foreign ownership applies either way.

Available in: . A detailed per-emirate fee breakdown isn't published for this activity yet — check back soon, or get a scored recommendation for your specific business below.

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