Before beginning the application process, first determine the jurisdiction in which you wish to conduct your virtual asset business.

Each customer has different business conditions and future development plans. After comprehensive evaluation by Aiying(NH), we will provide customers with a solution that matches their business development.

Gather all necessary documents required to apply for your license. These documents include business plans, financial statements, compliance manuals, AML/KYC procedures, corporate governance documents, and details of shareholders and directors.

When applying for a virtual asset license in the UAE, you will need to provide a complete set of detailed documents and information to the regulatory agency responsible for supervising virtual asset business licenses. These documents are critical for regulators to assess your business operations, ensure compliance with regulatory requirements, and mitigate potential risks. The following is an overview of the documents and information that are typically required during the application process:

business plan

▪ A detailed business plan outlining your company's objectives, proposed activities, target markets, competitive analysis, and financial projections.

▪ Describe products or services related to virtual assets, such as virtual asset exchanges, wallet services, tokenization platforms, or ICO (initial coin offering) launch platforms.

Company Files

▪ The company’s certificate of incorporation and its articles and by-laws.

▪ Shareholders' agreement (if applicable).

▪ A board resolution authorizing the application for a virtual asset business license and appointing key personnel responsible for regulatory compliance.

Ownership and Management Information

▪ Details of the company’s shareholders, directors and senior management, including name, contact details, passport copies and residential addresses.

▪ An organizational chart outlining the company structure and the hierarchical relationships of key personnel.

Compliance and regulatory documentation

▪ Anti-Money Laundering (AML) and Know Your Customer (KYC) Policies and Procedures, detailing how the Company complies with AML and KYC regulations.

▪ A compliance manual outlining internal controls, risk management procedures, and protocols for detecting and reporting suspicious activity.

▪ Demonstration of compliance with international standards and best practices in countering the financing of terrorism (CFT) measures.

financial information

▪ Audited financial statements for the past three years (if applicable), including balance sheet, profit and loss statement and cash flow statement.

▪ Financial projections for the next three to five years, demonstrating the viability and sustainability of your business model.

▪ Bank reference letter and proof of financial solvency, demonstrating the company’s financial stability and ability to operate a virtual asset business.

Technical documentation

▪ Describe your IT infrastructure, cyber security measures, and data protection protocols to ensure the security and integrity of the virtual asset platform.

▪ Details of any third-party suppliers or service providers involved in the development, maintenance or operation of virtual asset-related technologies.

Legal and Compliance Documents

▪ Demonstrate compliance with local laws and regulations governing virtual asset businesses in the UAE, including business licenses, permits and approvals obtained from relevant regulatory authorities.

▪ A legal opinion or memorandum prepared by qualified legal counsel addressing specific regulatory issues relevant to your virtual asset activities.

Other support files

▪ Any other documents or information required by the regulatory authorities during the application process.

▪ A letter of recommendation or reference from a reputable individual or organization confirming your company’s credibility, integrity, and suitability to operate a virtual asset business.

Fill out the virtual asset business license application form provided by the regulatory authority. Ensure that all information provided is accurate and up to date.

Pay any applicable fees associated with your business license application. Fees may vary depending on the type of business license and jurisdiction.

Once the application is submitted, the regulator will review the dossier and conduct due diligence on the applicant and its proposed business activities. Depending on the complexity of the application and the workload of the regulatory agency, the review process may take from a few weeks to a few months.

During the review process, the regulator may request additional information or clarification of certain aspects of the application. Aiying (NH) will assist customers in responding to inquiries and providing required information in a timely manner to speed up the review process.

If the application is approved, you will receive a notification from the regulator and receive a virtual asset business license. Ensure compliance with any conditions or requirements set out in the business licence approval.

Once you obtain a virtual asset business license, you can start operating in accordance with the regulatory framework and conditions set out in the business license. Ensure ongoing compliance with regulatory requirements and maintain appropriate records and reports as per regulatory standards.