Bitcoin in UAE
Since one of the main goals of the UAE is to become the world's leading financial center, the authorities welcome all financial innovations and do their best to keep up with the times. So cryptocurrencies in Dubai simply could not go unnoticed by the authorities. Bitcoin in Dubai can be purchased on one of the International Exchanges, such as Bitcoin Exchange, Trading BTC USD, BTC EUR - CEX.IO, Lake BTC or HitBTC. Buying cryptocurrency in UAE can be done via credit or debit card, Paypal, Scrill or other non-cash payment system.
Cryptocurrency in the UAE is not only represented by bitcoin. Here you can buy Ethereum, Litecoin or Altcoin. The value of bitcoin and its ratio to fiat money constantly varies depending on many factors.
The legal status of cryptocurrency in the UAE
Cryptocurrencies in Dubai can be purchased from one of the websites only after creating a special wallet. Regarding the legal status of cryptocurrency in the UAE and bitcoin in particular, you should know the following. On January 1, 2017, the UAE Central Bank published the "Regulatory Framework for the Regulation of Electronic Payment Systems."
The main purpose of this document is to demonstrate the state's desire to introduce digital technology and cryptocurrency, but in a safe manner. Bitcoin in the UAE, as well as blockchain, are of great interest to the UAE government and the Central Bank. The Emirates aims to become one of the first states in the region and the world to create a legal framework for this technology. But the existing law leaves room for interpretation, and there is no consensus yet on the UAE's attitude toward bitcoin.
How to trade bitcoin in UAE
So, cryptocurrency trading is tolerated in the UAE, but with some caution. The main concern of the authorities is that bitcoin is difficult to control and can be used in money laundering, but the government has not banned bitcoin. For this reason, the necessary regulations are being created and implemented to control this issue.
How to invest in bitcoin in UAE?
You can invest in cryptocurrencies in different ways - you can buy bitcoin and hold on to it, hoping that it will go up in value in the future. It is said that bitcoin could rise in value significantly by 2024 with the next halving (making it harder to mine this cryptocurrency).
And one reliable way to invest in the crypto market is to start your own business by exchanging bitcoin and other cryptocurrencies using ATMs. To do this, you will need to buy a crypto ATM in the UAE by reading the offer and learning all the legal aspects of this business in the Arab Emirates.