Step 1: Open an Account at a Cryptocurrency Exchange
Since the 60s under Sheikh Rashid bin Saeed Al Maktoum, the Emirate of Dubai has developed the city of Dubai at an extraordinary pace, culminating in the phenomenal growth seen over the last couple of decades. Numerous technology, finance, and media companies have been established in Dubai as a result, forming a receptive environment for Bitcoin. Should a similar approach of investment and deregulation be applied to Bitcoin and blockchain projects as was applied to the city itself, Dubai could bring equally amazing growth to the cryptocurrency space.
These initiatives aim to improve governmental efficiency, legal processes, public happiness, and the ease of doing business. These ventures include:. Smart Dubai , which seeks to shift administrative functions such as billing, visa application, license renewal into a blockchain system by Court of the Blockchain , which ultimately aims to bridge the gaps between the traditional legal system and blockchain-based smart contracts.
For now, the focus will be on reducing paperwork and realizing greater legal efficiencies. The Dubai Silicon Oasis free zone will be the first to implement the technology. This has opened the door to Bitcoin and cryptocurrency investment by Muslims around the world. Note that this declaration should not be presumed to extend to each and every cryptocurrency, as some contain an element of interest earned on loans. To the best of our knowledge, none of the coins offered by Coinmama fall in this category.
Although Dubai and the UAE have clearly embraced blockchain, the legal and tax status of Bitcoin is still somewhat unclear. While Bitcoin is not explicitly legal within the region, regulators will not prosecute those who trade in it.
The Dubai Financial Services Authority has publically warned against the high risk of cryptocurrencies but washed its hands of their regulation. After a few moments, the order will be processed and the payment will be approved. Your wallet then needs to be confirmed. In approximately 10 minutes, you will receive payment to bitcoin at the address you supplied.
After a further 10 minutes or so, this transaction should appear as confirmed within your wallet. Note that during times of especially high traffic, your transaction may take slightly longer to confirm. Dubai is likely to emerge as a regional or even world leader in the implementation of blockchain technology. However, this should not be taken to imply that all things crypto are permissible.
We at Coinmama recommend that our valued clients in Dubai and the UAE conduct their own research into local taxation laws and all other regulations which pertain to cryptocurrency. Coinmama Nov 13, Coinmama Oct 31, Coinmama Oct 30, When you make an investment, knowing when to sell is as important as when to buy. But when is the right time to sell Bitcoin? We take a look at three strategies. Steven Hay Oct 15, Steven Hay Oct 10, We explore 3 more countries that impose minimal taxation and take a lenient regulatory stance on cryptocurrency.
Coinmama Oct 3, When the BTC price changes dramatically, analysts are quick to give their opinion. But which Bitcoin price predictions can you trust? Steven Hay Sep 22, While data regarding the Bitcoin price and market is readily available, what about the human element?
In this article, Coinmama takes a look at who uses Bitcoin. Steven Hay Sep 15, What is a Bitcoin Whale? Coinmama looks at holders of large amounts of crypto, most of whom were smart enough to buy Bitcoin in its early days.
Steven Hay Sep 10, Storing your coins properly is one of the most important when you buy Bitcoin. We take a look at 4 Bitcoin wallets that are killing it in Steven Hay 14th August Happy Birthday Bitcoin! When to Sell Bitcoin: 3 Investment Strategies Coinmama Oct 30, When you make an investment, knowing when to sell is as important as when to buy. Bitcoin Tax Havens Revisited Steven Hay Oct 10, We explore 3 more countries that impose minimal taxation and take a lenient regulatory stance on cryptocurrency.
Coinmama Oct 3, When the BTC price changes dramatically, analysts are quick to give their opinion. Who Uses Bitcoin? Steven Hay Sep 22, While data regarding the Bitcoin price and market is readily available, what about the human element?
Are you thinking of investing in Bitcoin in UAE? Before jumping to any quick conclusion, let us have a quick view on different aspects of Bitcoin. After that, it will be automatically clear, whether you should trade bitcoin in UAE or Dubai. It should be your decision after knowing the bihcoin and cons of Bitcoin Trading in UAE, whether to trade it or just give it a try. You can use all these financial trading instruments strategically to make use of the trading opportunities in the on. Bitcoin is a kind of digital currency, also known as the cryptocurrency.
Cross platform trading
The Middle East has embraced the digital currency explosion and many governments in the Middle East have begun collaborating with financial companies to issue their own cryptocurrencies. In addition, a slew of cryptocurrency exchanges and companies involved in initial currency offerings ICOs have begun all over the Middle East, including in the Emirates. Specifically, the United Arab Emirates UAE has taken interest in cryptocurrencies seriously, and plans by the Securities and Commodities Authority of the UAE began regulating initial coin offerings in the first quarter of Buying Bitcoin in the UAE is easy, but what matters most is the broker or exchange you select. You must also get a crypto wallet to store your bitcoins, make purchases and receive gifts. Bitcoin continues to dominate the cryptocurrency market as the best cryptocurrency because of its popularity, liquidity and acceptance as payment with a growing list of merchants. Bitcoin has been available in the Emirates since , and with the market for digital currencies growing exponentially in the Middle East, it will likely only increase in popularity.