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Title: Does U.A.E allow bitcoin in their market? Post by: give on May 21, 2018, 04:01:41 PM Am a Newbie and want to know if bitcoin is legal in UNITED ARAB EMIRATES
Title: Re: Does U.A.E allow bitcoin in their market? Post by: OmegaStarScream on May 22, 2018, 06:48:07 AM It is legal and there is BitOasis, an exchange that allow you to buy crypto using AED. It's worth mentioning that they made an announcement about suspending (4th June) Dirham deposits and withdrawals yesterday.
Title: Re: Does U.A.E allow bitcoin in their market? Post by: SuperD007 on May 22, 2018, 06:53:17 AM I think they are also working on their own crypto if I remember correctly.
I know Dubai is fairly pro Crypto not sure about the whole of the UAE but I would imagine they would all have a united view on crypto. Title: Re: Does U.A.E allow bitcoin in their market? Post by: tabas on May 22, 2018, 07:17:58 AM It is legal and there is BitOasis, an exchange that allow you to buy crypto using AED. It's worth mentioning that they made an announcement about suspending (4th June) Dirham deposits and withdrawals yesterday. Wow that's great to know that in U.A.E Bitcoin isn't banned nor illegal.I think they are also working on their own crypto if I remember correctly. You mean the DBIC?You can also know few info on wikipedia. Legality of bitcoin in Dubai. (https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory) Title: Re: Does U.A.E allow bitcoin in their market? Post by: expertofexperts on May 22, 2018, 07:31:04 AM I havent heard any such news lately. Otherwise BTC would have jumped higher than we expect. ;)
Title: Re: Does U.A.E allow bitcoin in their market? Post by: Script3d on May 22, 2018, 08:31:16 AM It is legal and there is BitOasis, an exchange that allow you to buy crypto using AED. It's worth mentioning that they made an announcement about suspending (4th June) Dirham deposits and withdrawals yesterday. Wow that's great to know that in U.A.E Bitcoin isn't banned nor illegal.Title: Re: Does U.A.E allow bitcoin in their market? Post by: avikz on May 22, 2018, 08:39:06 AM It is legal and there is BitOasis, an exchange that allow you to buy crypto using AED. It's worth mentioning that they made an announcement about suspending (4th June) Dirham deposits and withdrawals yesterday. I don't think crypto currency is legal in U.A.E. They are pretty much maintaining a neutral status until recently by defining crypto currencies as "high risk investment". Also they are seeing crypto currencies as a tool for money laundering and terrorism financing. So they are on the way to prepare a legal framework for governing smart contracts, liability matters, dispute settlement mechanisms and taxation of generated transactions and profits. So it is not the right time to say "crypto currency is legal in U.A.E". The businesses are allowed to operate because of the absence of a proper legal framework but we don't really know what will happen in the future. Title: Re: Does U.A.E allow bitcoin in their market? Post by: Miraz69 on May 22, 2018, 08:39:52 AM I think, The government United Arab Emirates will allow Bitcoin beside their regular currency. I kow They already has a crypto using AED.
Title: Re: Does U.A.E allow bitcoin in their market? Post by: sergiom on May 22, 2018, 08:44:05 AM It is legal and more than that they have a special exchange for it. I think it is a great country to live in and do Crypto business.
Title: Re: Does U.A.E allow bitcoin in their market? Post by: CGPA on May 22, 2018, 08:49:53 AM The United Arab Emirates government should give legality for Bitcoin and other crypto currency. I think it will be vital for their economy and marketplace.
Title: Re: Does U.A.E allow bitcoin in their market? Post by: xanaxxx on May 22, 2018, 09:07:21 AM Am a Newbie and want to know if bitcoin is legal in UNITED ARAB EMIRATES UAE seem to be super open to everything related to blockchain and bitcoin. I believe Telegram has established a company there to perform its ICO, which means they got green light from government. Title: Re: Does U.A.E allow bitcoin in their market? Post by: timerland on May 22, 2018, 09:53:23 AM You may want to read up on this article: https://gulfnews.com/business/sectors/markets/confusion-reigns-on-bitcoin-trade-in-uae-1.2112365
It's basically accepted practice to trade and accept bitcoin, in the UAE, it seems. I mean, the governor of the central bank itself has said that bitcoin is essentially exempt for the ban on "virtual currencies", and there are still a major exchange in BitOasis operational, which wouldn't happen if bitcoin was banned in UAE. It is legal and there is BitOasis, an exchange that allow you to buy crypto using AED. It's worth mentioning that they made an announcement about suspending (4th June) Dirham deposits and withdrawals yesterday. I don't think crypto currency is legal in U.A.E. They are pretty much maintaining a neutral status until recently by defining crypto currencies as "high risk investment". Also they are seeing crypto currencies as a tool for money laundering and terrorism financing. So they are on the way to prepare a legal framework for governing smart contracts, liability matters, dispute settlement mechanisms and taxation of generated transactions and profits. So it is not the right time to say "crypto currency is legal in U.A.E". The businesses are allowed to operate because of the absence of a proper legal framework but we don't really know what will happen in the future. Legalization and allowing something are probably two different things. Most countries like you said, are negative to neutral on bitcoin. UAE seems to be the same right now. New regulations probably will come soon to clarify these misleading and confusing details. Title: Re: Does U.A.E allow bitcoin in their market? Post by: thom88 on May 22, 2018, 09:57:37 AM what is their market? if you mean that it can be accepted at a shop?
i think as long as you charge all the taxes the government needs to barely survive, i think yes. sure the gov. does not take tax payments in Crypto though |