Is Dubai a Bitcoin Friendly City?

[Getmon]

I recently conducted research regarding the best bitcoin-friendly locations, and Dubai ranks among the best. This time, I would not be moving, but my goal is to live in a place where bitcoin is well liked and accepted.

1. Is holding & trading or both an offence?
No. Crypto.com is applying for a license to operate for the same reason that the cryptocurrency market is expanding in Dubai.

2. Do they tax or restrict on buying/selling of crypto?
Trading is, of course, permitted. If your incoming income is not derived from within United Arab Emirates, I believe you are exempt from paying tax in Dubai. Since cryptocurrency trading from international exchanges like Binance does not occur within Dubai, I presume that this is tax-free.

3. Are there any DEX that support BTC/AED transaction globally or vice-versa?
I have never heard of this, but I use Binance, and I noticed that AED is free to use in peer to peer transactions.

4. How long does it takes to buy/sell Bitcoin in AED on a DEX or CEX?
Binance peer to peer is instant or within few minutes.

5. If DEX are not available then which CEX should I use?
Binance and Dubai licensed cryptocurrency exchanges. Because they were unfamiliar to me, I forgot their names, so you can also confirm this through additional research.

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[hugeblack]

Most of your questions are legal, and it is wrong to ask them here, as all the opinions above are personal opinions, far from legal advice.
In Dubai there are a lot of legal advice offices and in the free zone they can ask them to give you more details.
There is a platform called Rain^[1] that you can use to buy and sell.

Buying and selling bitcoins is allowed in free zones, but if you fail to prove the source of the funds, you may be charged with the money laundering and combating illegal wealth law, and its penalty ranges from 5 to 20 years, so be careful.

[1] https://www.rain.com/

[MIner1448]

Dubai is currently one of the most favorable cities for cryptocurrency investors and entrepreneurs in the Middle East region. In January 2021, the Dubai government announced the launch of "Dubai Blockchain Strategy 2020", which aims to use blockchain technology to improve the quality of life of the city's residents and develop the economy. In addition, the government of Dubai is actively working to create a favorable environment for cryptocurrency investment and entrepreneurship.
In general, it can be said that Dubai is a Bitcoin-friendly city and continues to work to create a favorable environment for the development of the cryptocurrency ecosystem.

[coupable]

Anyone correct me if i'm wrong..

1. Is holding & trading or both an offence?
- Holding and trading cryptocurrencies was not illegal in Dubai. However, it is important to note that regulations can change, and it is always best to stay informed about any updates

2. Do they tax or restrict on buying/selling of crypto?
- No, there were no specific regulations on taxing or restricting the buying and selling of cryptocurrencies in Dubai

In this article published on February 4 on CoinDesk, it was mentioned that companies operating in the field of modern technologies can conduct their activities in the Emirate of Dubai in accordance with the laws set by Virtual Assets Regulatory Authority (VARA). This is according to a scheme that Dubai was working on to attract companies operating in the field of blockchain and crypto.
https://www.coindesk.com/policy/2023/02/07/dubai-mandates-licensing-for-crypto-companies-as-it-sets-out-regulatory-requirements/
According to the same article, Dubai has set a framework which also covers advertising and promotion requirements for crypto firms. And that the framework was approved by the Virtual Assets Regulatory Authority (VARA).

[woez]

What I am trying to find out is simple but essential? I would request everyone who knows how Dubai crypto works to answer. Please do not answer my questions for the sake of signature campaign as it might not help me and others follwing my path.

1. Is holding & trading or both an offence?
2. Do they tax or restrict on buying/selling of crypto?
3. Are there any DEX that support BTC/AED transaction globally or vice-versa?
4. How long does it takes to buy/sell Bitcoin in AED on a DEX or CEX?
5. If DEX are not available then which CEX should I use?

In My view, Wherever it is, there are certain rules and restrictions that you should know and follow before trading or storing cryptocurrencies in Dubai. I'm trying to answer if something is missing please friends in the forum to be able to add answers to these specific questions:

1. It is not illegal to keep or trade cryptocurrencies in Dubai, but the government there has not fully regulated the use of cryptocurrencies. As a result, there is some uncertainty surrounding the legality of certain activities related to cryptocurrencies.

2. If I'm not mistaken At the moment there are no special taxes or restrictions to buy or sell cryptocurrency in Dubai. However, this could change if governments consider how to properly regulate the use of cryptocurrencies.

3. Decentralized exchanges (DEXs) are currently not regulated in Dubai, so it can be difficult to find a DEX that supports BTC/AED transactions. However, there are some centralized exchanges (CEX) that support this transaction.

4. If I'm not mistaken The time it takes to buy or sell Bitcoin in AED on a DEX or CEX can vary depending on the particular platform and the volume of transactions at that time.

5. There are several leading CEXs that support BTC/AED transactions, including BitOasis, Rain, and Kraken.

Yes, Dubai is crypto-friendly city, with an increasing number of businesses and individuals using and investing in cryptocurrencies.

[lizarder]

What I am trying to find out is simple but essential? I would request everyone who knows how Dubai crypto works to answer. Please do not answer my questions for the sake of signature campaign as it might not help me and others follwing my path.

The cost of living in Dubai is 10 times that of the country where you live, apartment rent, food and places to visit are much more expensive, my question is whether you will use the investment profits only to pay for the necessities of life there?

I don't want to explain Dubai as a crypto-friendly country, there is a difference between foreign nationals and native nationals, so it will not look friendly to foreigners who have low opinion living in Dubai, it should be a basic consideration before you move there, especially if you put small money to invest in crypto and even though the tax in Dubai is very tempting for investors to move there.

[Oneandpure]

]
The cost of living in Dubai is 10 times that of the country where you live, apartment rent, food and places to visit are much more expensive, my question is whether you will use the investment profits only to pay for the necessities of life there?

I don't want to explain Dubai as a crypto-friendly country, there is a difference between foreign nationals and native nationals, so it will not look friendly to foreigners who have low opinion living in Dubai, it should be a basic consideration before you move there, especially if you put small money to invest in crypto and even though the tax in Dubai is very tempting for investors to move there.

Based on how much your capital income every months for talking about Dubai is friendly cities or not, I think many people excited spent their travelling in Dubai because have enough money although 10 times cost higher than their country. For foreigner with much money in their pocket not matter how expensive cost living there but service got with several luxurious places make them happy living there.

I think Dubai will be friendly city for Bitcoin one day later due many foreigner living there and using bitcoin as transaction payment will give easy for tourism how to make all payment transaction with Bitcoin. Learned from El Savador decision accepted Bitcoin as payment currencies make get positive impact with tourism coming there every years drastically up.

[Bitcoin_people]

Dubai is a desert country in the Middle East which is currently called the city of the richest people. Everything legal with cryptocurrency in Dubai is done through Bitcoin. Most of the casinos and gambling cities are also called Dubai. Most people in Dubai use Bitcoin and virtual currency for business and they get many benefits. And in Dubai most of the people go to travel and they get a lot of benefits by doing cryptocurrency transactions there. Dubai as a developed city There are various advanced technologies used there and in the virtual world Dubai has earned a reputation as a developed city.

[devil-soul]

Dubai has shown a relatively friendly stance towards Bitcoin and cryptocurrencies in general. The government of Dubai has recognized the potential benefits of blockchain technology, which is the underlying technology behind Bitcoin and other cryptocurrencies. In 2021, Dubai's government announced the Dubai Blockchain Strategy 2022, which aims to make Dubai the first city fully powered by blockchain by 2022.

Additionally, Dubai has hosted several events and conferences related to blockchain and cryptocurrencies, including the Blockchain Summit and the Future Blockchain Summit. Dubai has also seen a growing number of businesses that accept Bitcoin and other cryptocurrencies as payment, such as some hotels, cafes, and restaurants.

However, it's important to note that the legal status of Bitcoin and other cryptocurrencies in Dubai is still somewhat unclear, and there have been some reports of crackdowns on illegal cryptocurrency activities. Therefore, while Dubai may be relatively friendly towards Bitcoin, it's still important to exercise caution and follow all relevant laws and regulations when dealing with cryptocurrencies in the city.

[lizarder]

Based on how much your capital income every months for talking about Dubai is friendly cities or not, I think many people excited spent their travelling in Dubai because have enough money although 10 times cost higher than their country. For foreigner with much money in their pocket not matter how expensive cost living there but service got with several luxurious places make them happy living there.

I think Dubai will be friendly city for Bitcoin one day later due many foreigner living there and using bitcoin as transaction payment will give easy for tourism how to make all payment transaction with Bitcoin. Learned from El Savador decision accepted Bitcoin as payment currencies make get positive impact with tourism coming there every years drastically up.

If you intend to travel and have a decent income to support the trip there, of course Dubai is one of the places many people dream of visiting. But I don't think it will be enough and it will never be friendly to accept low income assumptions like the OP said. Imagine buying a portion of food and an apartment to live in, then the money you spend will be much different than you would normally spend on basic housing.

Dubai's resources could potentially follow El Salvador's lead someday, but there are other considerations that also cannot be overlooked, this country has a high level of income in several sectors of the country, one of which is oil and others, so to become their country like El Salvador may be easy to achieve. To date the country's status is only one of several bitcoin-friendly countries and has yet to come to a stage like the bitcoin journey in El Salvador.