What is Crypto or Cryptocurrency? It is a new form of currency indeed which is totally digital. It has no paper value, jewel value or any value inside any bank. It’s a digital currency which has a digital value or worth which can be used to buy any products or services like paper currency. Its major drawback is that it does lack centralized regulation and can also be used in money laundering. It is being used in money laundering. It is good news to share that Dubai and UAE have permitted the “Cryptocurrency Business Trade”.
Dubai and UAE are one of those countries that recognized and accepted crypto quite earlier. The emirate of Dubai now has started accepting Crypto Payments. The list is included (BTC), Ethereum (ETH) and many many more. Lawyers handling such matters are known as Crypto Lawyers. These Lawyers through Emirati – Nationals tell the investor about precautions, how to invest, legal options if there is a case, benefits, procedures of buying and selling with many more useful things.
Dubai and the United Arab Emirates capital which is Abu Dhabi has permitted the trade-in Crypto Currency e.g. purchasing, selling etc but with staying in UAE, even though this is not accepted by the Government as a legal instrument but the trade is allowed and permitted. For example, Binance, a platform to trade cryptocurrencies, is made legal by providing licenses to operate in UAE. Similarly, there are a few others as well. Dubai Cryptocurrency, Abu Dhabi Cryptocurrency, Ajman Cryptocurrency, and Sharjah Cryptocurrency all will be discussed as UAE Cryptocurrencies in this article.
Recently BotOasis, which is a Middle East Crypto Currency, has been approved as Crypto Regulator in Dubai. It was formed in 2015. It is registered with Central Bank.
Emirate of Dubai provided the license to Binance (a virtual license).
The BlockChain technology is a private or public ledger but decentralized, which has to save the transaction between two or more than two parties. UAE launched BlockChain Strategy in 2021.
Emirates BlockChain Strategy 2021
Emirates has also introduced its Emirates Blockchain Strategy 2021. Dubai is also serious to expand the buying and selling of Crypto in Dubai and UAE. Dubai has already allowed the Crypt Trade or the Data Mining.
Crypto works on a few platforms called technology or Blockchains. It is a distributed ledger, that has to control all the transactions. If some people are thinking about the real-time value of this currency.
- Need to have an account.
- Register with a trading board like Binance.
- E-toro is also recommended.
- You need to deposit the money in the account.
- Once perform all the tasks then you can buy the different cryptocurrencies.
- It can also be saved in E-Wallets.
- Restaurants, Shops etc are accepting cryptocurrencies. (Not All Restaurants & Shops)
- Few government entities are also accepting crypto payments.
- UAE Central Bank has also announced that it will introduce its own cryptocurrency in the next 5 years.
Dubai Issues First Crypto Law Regulations
Dubai Issues Its very first Crypto Law Regulating Virtual Assets. On February 28, 2022, the Emirate of Dubai enacted Law No. 4 of 2022 on the Regulation of Virtual Assets.