Bitcoin and Dubai

[NotATether]

I'm well aware that speculating is forbidden in Islam, and it's not because cryptocurrencies are different that the rules are different. While buying and selling you're speculating with the goal to make a profit. Exactly what Islam is against.

If it's about buying BTC to buy an item or a service of course it's different, but I watched several speeches from Imam, Mufti, and scholars and all of them had the same speech. When it suits you it is halal, but when it bothers you it is haram

The thing is that there is virtually no crypto exchange that is based on Islamic banking so whether or not speculating is considered to be an ethical thing is a moot point for these exchanges.

[1715222581]

1715222581

[1715222581]

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[1715222581]

1715222581

[1715222581]

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[1715222581]

1715222581

[Theb]

Who knows one day Dubai will become a prime mover of Cryptocurrency adoption.

With how I view things it looks like companies are the ones moving first rather than the government when it comes to taking advantage of cryptocurrencies as a means for profit. Right now from what I have observes governments from majority of the countries don't seem to take advantage of the crypto industry as a means of economical grow but they are more focused on regulating it where we are seeing more strict implementations for KYC and AML procedures as well as trying to keep track on how to monitor transactions by taking advantage of their blockchains. So maybe if Dubai will be doing something it will be more on the side of the businsses rather than the government doing anything about the promotion of the crypto industry.

[rdbase]

There is a coin called DubaiCoin from many years back and last I looked it was still going strong for an alt coin.
It is even mineable so I don't know why they view bitcoin as it is a cryptocurrency just like this DubaiCoin as offensive to their culture.

[Gamerholic]

When it comes to business, it is always possible to obtain permission in a separate economic zone and calmly conduct your business without fear of punishment. If you make money legally, and the projects with which you are involved do not contradict Islam and do not offend the Prophet, I do not think that problems can arise. Problems are found by the one who ignores the rules or pretends that they do not exist. You can always get advice from competent people and, after approval, work calmly.

[KryptoKings]

Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?

https://www.jumeiraconsultants.com/business-setup-services-in-dubai/

Yes I have read and heard that Dubai is much more crypto friendly then many other countries including European countries too.
I want to get more info about crypto community in Dubai. I am planning to move to Dubai, is it possible for me to go their and start my life on crypto?
I already have some assets that I can trade in when I am allowed the citizenship.

[Hamphser]

Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?

https://www.jumeiraconsultants.com/business-setup-services-in-dubai/

When we do talk about volume in UAE: https://coin.dance/volume/localbitcoins/AED

The volume peaked on that first month of 2018 and then it do normalizes and been constant on further years until this very moment.There are still lots of countries which are still on the neutral side

where they arent restricting nor havent been regulating or recognized and staying up into the middle just like in to the country where i do live in where they are still on the neutral phase.

I wont be surprised if there would be such changes in near future.

[dark1234]

I am happy to hear that, with the large number of transactions it is clear evidence that many people are involved in the world of cryptocurrency and the neutral attitude of the country (not prohibiting and providing legal facilities) is a natural thing because 40% of countries in the world still declare neutral, and Dubai is one of them. one of the developed countries in the Arab continent which may be one of the transitions of modern life which is an example of an Arab country, ...in the development of the digital world at this time

[Streets 2.0]

A lot of wealthy and educated people (including those in the West) live in this country. They are excellent at counting money, preserving and increasing capital, and are well versed in modern technologies and trends. It is not surprising that these capitals participate in the cryptocurrency market and are quite active. Another thing is the legislation in this country which is quite strict. But this is not a problem for large investors who declare their income and pay taxes to the budget.

[dansus021]

i heard the news about dubai when india start banning bitcoin india covid relief start exchange their bitcoin in dubai i forgot about the source

maybe dubai will become safe haven of crypto in near future since not one or two country start banning crypto but trying to make their own version of digital money managed by government (*such an irony)

[bocyaj]

When it comes to business, it is always possible to obtain permission in a separate economic zone and calmly conduct your business without fear of punishment. If you make money legally, and the projects with which you are involved do not contradict Islam and do not offend the Prophet, I do not think that problems can arise. Problems are found by the one who ignores the rules or pretends that they do not exist. You can always get advice from competent people and, after approval, work calmly.

If we work legit,we won't get issue was an agreed factor.But if the trading of bitcoin or a cryptocurrencies was not a legal means,the trade made by you will be the illegal act.The government will punish you,even you work with the Islam rule.With my knowledge the trading of bitcoin was in neutral phenomenon in Dubai.

[LeGaulois]

@NotATether

Well, there are some platforms that are compliant with the Sharia with ethics and morality. At least, there is Onegram based in Dubai and another one based in Bahrain (I don't remember its name) and it's surely not the only one, otherwise, it's an interesting niche for any company looking for a cash-cow.

When I searched about it I learned there are cryptocurrencies that they consider Halal, and some others are in a grey area (it means, it depends on how it suits them), while some like Monero are considered 'Haram'.

There are also some DeFi platforms that they don't allow and consider it's 'Haram'. For example, yearn.finance

[dark1234]

@NotATether

Well, there are some platforms that are compliant with the Sharia with ethics and morality. At least, there is Onegram based in Dubai and another one based in Bahrain (I don't remember its name) and it's surely not the only one, otherwise, it's an interesting niche for any company looking for a cash-cow.

When I searched about it I learned there are cryptocurrencies that they consider Halal, and some others are in a grey area (it means, it depends on how it suits them), while some like Monero are considered 'Haram'.

There are also some DeFi platforms that they don't allow and consider it's 'Haram'. For example, yearn.finance

In fact, this kind of attitude does not occur in the Dubai government in other countries, many may also distinguish between very strict religious laws which are strictly obeyed by the people there so that some programs/coins are not allowed, such as those that lead to gambling, for example.

[LeGaulois]

Perhaps you don't find the info, because with Covid19 they may have canceled the event. I don't know what's the situation there (lockdown or not)
But it should be between $300 and $500 for the 3 days.
To compare with the Paris Blockchain Summit last year, the ticket was 100€ per day (~$121)

Here were the prices in Dubai back in 2019



Normally you can buy your ticket on Eventbrite. Try to contact them on social networks or email if you really need

[DarkIT]

Dubai does not consider Bitcoin legal tender, but there aren't restrictions on buying or selling either. Based on LocalBitcoins volume and Google Trends data, Bitcoin looks alive and well in Dubai. Is this true?

https://www.jumeiraconsultants.com/business-setup-services-in-dubai/

Bitcoin is not a legal in many of the country.But it doesn't matter.Because everything need of time.Even if you had started a business,it need huge time to get good profit.At first ,you need to learn that business .When you get good knowledge,surely you will earn from it.So patience is needed one to earn more profit from investment.