Legal Status of Bitcoin in the UAE

[The BlockRx Project]

What is The Legal Status of Bitcoin in the United Arab Emirates? If yes then is there any rules on digital currencies?

[1714174124]

1714174124

[1714174124]

1714174124

[veleten]

What is The Legal Status of Bitcoin in the United Arab Emirates? If yes then is there any rules on digital currencies?

unregulated,neither banned or legal,
you can read this article for more reference:
https://www.al-mirsal.com/2017/02/16/the-legal-status-of-bitcoin-in-the-united-arab-emirates/

"1 February 2017, the Governor of the UAE central bank, His Excellency Mubarak Rashed Khamis Al Mansouri, issued a statement to Gulf News saying that “these regulations do not cover ‘virtual currency’” and “these regulations do not apply to bitcoin or other cryptocurrencies, currency exchanges, or underlying technology such as Blockchain.” He further added that virtual currencies are under review by the Central Bank and new regulations will be issued as appropriate."

https://www.mena-legal.com/sites/default/files/MENA-LEGAL_CryptoCurrency_Newsletter-UAE-01112017.pdf

this can also be helpful:
http://gulfnews.com/business/sectors/markets/confusion-reigns-on-bitcoin-trade-in-uae-1.2112365

[Thanasis]

What is The Legal Status of Bitcoin in the United Arab Emirates? If yes then is there any rules on digital currencies?

Most of the crypto investors are from UAE because it is one of the most wealthy country,but there is no announcement yet from them it was banned or legalized.So you are free to use if you are in UAE and buy more coins as much as you want because there also crypto currency can be regulated soon so you can avid extra taxes if you but them now.


And then why the poll question is irrelevant to the options you made?

[Proton2233]

Traditionally, the Arab countries prefer gold. I'm not sure that United Arab Emirates will be a significant player in the cryptocurrency market. The presence of a large amount of money from the Arabs does not mean that they will invest in bitcoin. Free money they invest in American businesses. Therefore, UAE and America are strategic partners.

[The BlockRx Project]

Thank You guys for help

[dokie987]

There is an article i read stating that in United Arab Emirates has an existing provision for the Virtual Currencies stating that "All Virtual Currencies and any transactions thereof are prohibited”.

[19nataliya12]

The Government of the United Arab Emirates is considering the formation of a regulatory and legal framework that will focus on creating conditions for the comfortable use of bitcoin and the operations of digital currency exchanges.
In the UAE want to recognize the crypto currency https: //www.votpusk.ruIn the UAE they want to recognize the crypto currency
Governor Mubarak Rashed Khamis Al-Mansuri stressed that the Central Bank of the UAE carefully considers the legalization of bitcoin, as well as the development of the necessary regulatory and legal framework for enterprises. In this case, one of the sections of the document explicitly prohibits the use of virtual currencies, reports CalvinAyre.
The Central Bank of the United Arab Emirates noted that the regulator will take into account the data of the Bank of Canada study to create a legal framework for the crypto currency. According to the latest information provided by analysts, the growth of bitcoin and other digital currencies requires adequate government intervention.
The bitcoin rate exceeded the $ 1100 mark
Experts of the digital market note that the situation with the status of bitcoin in the UAE is similar to that in the Philippines and China. The approach to the regulation of the crypto currency in the Emirates will be more like the Chinese regulation of the digital currency to guarantee traders that they will remain on the foreign exchange market

[SixOfFive]

It is not illegal to use Bitcoin in UAE. There is no such guidelines issued by UAE govt. Although UAE does not seems to be much positive towards Bitcoin usage but Its govt remain silent and waiting for decisions of big economic countries like USA, Russia, china to take a particular regulatory step towards it.

[marcbitcoins]

What is The Legal Status of Bitcoin in the United Arab Emirates? If yes then is there any rules on digital currencies?

Bitcoin in UAE is not declared legal but not ban in which everyone who lives their can enjoy to do Bitcoin transactions without tax. They should not waste this opportunity as anytime or soon bitcoin will be regulated because the government is  starting to review the possibilty of the regulation than once approved the possibilty of Bitcoin tax will be applied.

[Palmerson]

Muslim countries have traditionally been opponents of cryptocurrencies. Against this background, the position of the United Arab Emirates is very different. Perhaps this position is due to the fact that they look at the prospect that someday bitcoin can replace the dollar in international calculations. It will be very interesting to see if in a few years we will see the oil trade for bitcoin.

[zhekinsp]

Muslim countries have traditionally been opponents of cryptocurrencies. Against this background, the position of the United Arab Emirates is very different. Perhaps this position is due to the fact that they look at the prospect that someday bitcoin can replace the dollar in international calculations. It will be very interesting to see if in a few years we will see the oil trade for bitcoin.

It is a false news the religion has nothing to do with the cryto technology,and that is just a rumor created by some illiterates who don't know anything about bitcoin will call them as 'Haram" which menas forbidden to use for muslims.But it is just a technology so we can use it as we want no matter of what religion.

[bocyaj]

Bitcoin is neutral status in United Arab Emirates,all the crypto currency had that status.The people in earning huge amount of money and no need to pay tax due to It's wealthiness. And most of the crypto investors are from United Arab Emirates.I think government of UAE,will not make it as a illegal one.

[Greenkarki]

Bitcoin is neutral status in United Arab Emirates,all the crypto currency had that status.The people in earning huge amount of money and no need to pay tax due to It's wealthiness. And most of the crypto investors are from United Arab Emirates.I think government of UAE,will not make it as a illegal one.

UAE government still not declared any official news about bitcoin banning. Still people in UAE using bitcoin. So bitcoin is legal, so people in the UAE use bitxoi  exchange without tax. The government is silently watching the regulations of bitcoin and usage of bitcoin in their country. Most of the investors are coming from UAE only. Because it is wealthy country.

[Baoo]

Muslim countries have traditionally been opponents of cryptocurrencies. Against this background, the position of the United Arab Emirates is very different. Perhaps this position is due to the fact that they look at the prospect that someday bitcoin can replace the dollar in international calculations. It will be very interesting to see if in a few years we will see the oil trade for bitcoin.

It is a false news the religion has nothing to do with the cryto technology,and that is just a rumor created by some illiterates who don't know anything about bitcoin will call them as 'Haram" which menas forbidden to use for muslims.But it is just a technology so we can use it as we want no matter of what religion.

Well, I think some of Arab countries do not even know the digital currencies or they know a little information about Bitcoin. And many of them, they do not have even any rules or laws for digital currencies (There is non-recognition or rejection). In fact, those who believe that Bitcoin is haraam or forbidden are idiots.

In addition to that, I think few countries like, UAE will made a good start in the near future  through the legalisation of bitcoin and cryptocurrencies en general, because they know that this new financial era will lead to great profits for the state economy.