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Bitcoin Regulation and Bitcoin Tax in UAE
Despite its popularity Bitcoin is not so well received by the government in the United Arab Emirates (UAE) as it is in Iran. In fact the Governor, one Mubarak Rashed Al Mansouri was critical of the currency stating he considers it encourages money laundering and terror financing. He indicated that the Central Bank in UAE has not set up any licensing protocols to any cryptocurrency business in the UAE. He cites “Some nations have announced that they are not using bitcoin, and consequently its value sharply plummeted. In addition, it can be easily used in money laundering and in funding terror activities.”
Despite this criticism, there appears to be no immediate plans to impose any restrictions on the use of Bitcoin and the area remains under study as it has for around a year. “This area is currently under review by the Central Bank and new regulations will be issued as appropriate,” Al Mansouri said in February last year and little has changed.
Foreign citizens make up an amazing 91% of the UAE’s population of 9.2 million, with a significant one million Indians forming close to ten percent of that population. There is a big scope therefore for Bitcoin exchanges and a high volume of transactions.
Dubai is currently undergoing a boom in cryptocurrency with many young professionals riding on the band wagon. In an interview with Arab News high flying trader Ibrahim Barbor stated, “I liked what it had to offer. You’re in complete control of what you own, there is a limited supply of it so you can’t just print your way out of it like a government, and its value had been increasing for a while. So I said why not?”
BitOasis, which also operates in Kuwait, Bahrain, Oman and Saudi Arabia, has also undergone a boom. So much so that they are now hard put to process all applications within a few days and it can take up to a week. One of the largest is the International CoinDesk which operates with a Commercial Brokerage License, approved by the local government. It has additionally secured local banking partners for direct deposits and withdrawals in UAE dirhams (AED). There are other exchanges in UAE that will give you a good price for exchanging AED and Bitcoin and one can always go on line to other international exchanges such as Coinstamp, Bittrex, Kraken or Poloneix for example. Premiums range from 1 percent up to 5 percent depending on the exchange. Also, as in most other countries peer to peer can be use and localbitcoins.com is a good start.
This article is for information purposes only and is not to be construed as financial information for any purposes such as investment or speculation and it is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided. We recommend that you consult with a licensed, qualified investment advisor before making any investment decisions.
Despite its popularity Bitcoin is not so well received by the government in the United Arab Emirates (UAE) as it is in Iran. In fact the Governor, one Mubarak Rashed Al Mansouri was critical of the currency stating he considers it encourages money laundering and terror financing. He indicated that the Central Bank in UAE has not set up any licensing protocols to any cryptocurrency business in the UAE. He cites “Some nations have announced that they are not using bitcoin, and consequently its value sharply plummeted. In addition, it can be easily used in money laundering and in funding terror activities.”
Despite this criticism, there appears to be no immediate plans to impose any restrictions on the use of Bitcoin and the area remains under study as it has for around a year. “This area is currently under review by the Central Bank and new regulations will be issued as appropriate,” Al Mansouri said in February last year and little has changed.
Foreign citizens make up an amazing 91% of the UAE’s population of 9.2 million, with a significant one million Indians forming close to ten percent of that population. There is a big scope therefore for Bitcoin exchanges and a high volume of transactions.
Dubai is currently undergoing a boom in cryptocurrency with many young professionals riding on the band wagon. In an interview with Arab News high flying trader Ibrahim Barbor stated, “I liked what it had to offer. You’re in complete control of what you own, there is a limited supply of it so you can’t just print your way out of it like a government, and its value had been increasing for a while. So I said why not?”
BitOasis, which also operates in Kuwait, Bahrain, Oman and Saudi Arabia, has also undergone a boom. So much so that they are now hard put to process all applications within a few days and it can take up to a week. One of the largest is the International CoinDesk which operates with a Commercial Brokerage License, approved by the local government. It has additionally secured local banking partners for direct deposits and withdrawals in UAE dirhams (AED). There are other exchanges in UAE that will give you a good price for exchanging AED and Bitcoin and one can always go on line to other international exchanges such as Coinstamp, Bittrex, Kraken or Poloneix for example. Premiums range from 1 percent up to 5 percent depending on the exchange. Also, as in most other countries peer to peer can be use and localbitcoins.com is a good start.
This article is for information purposes only and is not to be construed as financial information for any purposes such as investment or speculation and it is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided. We recommend that you consult with a licensed, qualified investment advisor before making any investment decisions.