Dubai is a magnificent city to live and work in. But how can someone buy Bitcoin in Dubai? Is it legal to buy Bitcoin in Dubai? Is Dubai crypto-friendly?
Here’s a quick guide with the answers. The great news is that, yes, buying Bitcoin (BTC) in the United Arab Emirates is permitted, and the country is actually one of the most welcoming to cryptocurrency exchanges and investors.
Is Dubai crypto-friendly?
The thriving metropolis of Dubai in the UAE has long been deemed a crypto-friendly city. Some describe the UAE as the most crypto-friendly country.
What’s more, there is zero tax to pay on cryptocurrency trading in the UAE, as well as zero income or capital gains tax. This combination has made the Middle Eastern country massively attractive to cryptocurrency and blockchain companies and the users of these technologies. There are many UAE crypto traders and plenty of crypto investment options in the UAE.
But is it legal to buy Bitcoin in Dubai? Dubai and the UAE have some regulations on cryptocurrencies, including policies to protect investors. Cryptocurrencies are not licensed or recognized as legal tender; however, there are no laws against buying Bitcoin in the UAE or owning or trading Bitcoin or other crypto.
How to buy cryptocurrency in Dubai
Buying Bitcoin in Dubai and anywhere in the UAE is quite straightforward; it starts with choosing a crypto exchange, registering and creating an account, and then adding the funds needed to buy the cryptocurrency of choice.
Bitcoin is available on any exchange, and other leading cryptocurrencies are available on most major exchanges. Investors who plan to hold on to Bitcoin usually want to move their Bitcoin away from an exchange into a Bitcoin wallet or to more secure Bitcoin storage like a hardware wallet. Let’s look at the steps to buying Bitcoin in the United Arab Emirates:
1. Choose an exchange
The first priority when choosing an exchange is security; crypto buyers should always research the exchange and check online reviews, then review the coins, the exchange lists and the fees.
Registering with an exchange starts with an email, a password and any other security authentication available. Cryptocurrency exchange users should always make full use of any additional security options. New exchange users will usually need to provide the exchange with an image of a piece of photo ID to complete its Know Your Customer (KYC) checks.
3. Fund and buy
Once an account has been created, funds can be added from fiat accounts. After that, it’s possible to buy BTC with UAE dirhams easily this way or to select another trading pair.
Which crypto exchanges operate in Dubai and the UAE?
The intriguing thing is that there are many leading exchanges that operate in the UAE; investors can pick from the most well-known, the best-reviewed, those thought of as the safest, and those with the highest availability of leading cryptocurrencies.
Some of the crypto exchanges and Bitcoin trading platforms in Dubai and the UAE are eToro, OKX, HTX (formerly Huobi) and Binance. Bitcoin brokers in the UAE, such as Rain, OKX, Uphold, Bybit and Binance, are regulated by the UAE Financial Services Regulatory Authority (FSRA) or the Abu Dhabi Global Market (ADGM).
How to choose Bitcoin wallets in Dubai
Just like Bitcoin trading platforms in Dubai, there are lots of options for Bitcoin wallets in Dubai to store crypto safely. The first step is to choose a Bitcoin wallet suitable for investor plans or behavior.
Online wallets or wallet applications aren’t as safe as hardware wallets, but they can be more suitable for investors planning to move their cryptocurrency holdings or use them on a regular basis. Hot wallets to choose from include Trust Wallet or Electrum.
More valuable Bitcoin holdings or funds left idle for some time are best stored in safer hardware wallets, such as Trezor or Ledger Nano.
Can you buy Bitcoin in Dubai with cash?
It’s possible to buy Bitcoin in Dubai with cash straight from an account or by using a credit card. After an account has been set up with an exchange, the next step is to add fiat money funds to the account and then go on to purchase Bitcoin.
Does Dubai have Bitcoin ATMs?
The UAE is so welcoming to crypto that it is one of the countries to have Bitcoin ATMs, and Dubai’s first Bitcoin ATM was installed at the five-star Rixos Premium Dubai Hotel in 2019. At the kiosk, visitors can insert cash and buy Bitcoin instantly.
Is buying Bitcoin via P2P in Dubai common?
Peer-to-peer (P2P) cryptocurrency exchanges allow users to trade Bitcoin directly with one another, unlike centralized or decentralized exchanges. On a P2P exchange, it’s possible to look at a seller’s list of assets for sale and choose accordingly. Buyers and sellers agree on the price of the cryptocurrency for sale before the sale is made.
P2P exchanges can be more common in countries with greater restrictions on cryptocurrency exchanges; in Dubai, that’s not the case. The major exchanges operating in Dubai often have P2P functionality as well as standard trading options, which provides the best of both worlds. The exchanges offering P2P trading in Dubai include Binance, Paxful, OKX, HTX, Bybit and KuCoin.
Are there crypto-friendly banks in the UAE?
It is interesting to know how banks in Dubai and the UAE view cryptocurrencies and crypto users. The UAE doesn’t fail the crypto entrepreneur, and there are a number of crypto-friendly banks in the UAE that will allow crypto businesses to open and use fiat accounts.
First Abu Dhabi Bank (FAB) has no policies restricting its customers from buying and selling crypto. Although it doesn’t offer crypto trading, it’s possible to link an FAB account with a crypto exchange to fund Bitcoin purchases. FAB also has future plans to leverage Web3 and digital assets for its users.
Exercise caution while dealing with cryptocurrencies
It is fortunate for Dubai residents to have access to a vibrant financial environment that enables them to engage with the world of cryptocurrencies.
However, it is important to remember that the value of Bitcoin and many other cryptocurrencies is extremely volatile and subject to significant price swings in either direction. Therefore, before entering the cryptocurrency market, careful research and knowledge of the risks involved are crucial.
BTC price holds 6% gains as Bitcoin battles for ‘crucial’ $28K support
Bitcoin (BTC) passing $28,000 hints at bullish sentiment, but reclaiming it for good is essential, analysis says.
In an X (formerly Twitter) post on Oct. 17, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, described the $28,000 mark as a “critical milestone” for the BTC price.
Glassnode: “Keep an eye out” for $28,000
After snap volatility, which caused Bitcoin to hit $30,000 for the first time since August, the largest cryptocurrency has managed to preserve some of its gains.
For Allemann and Happel, the pair is now at a defining crossroads.
“The crypto market is hinged on BTC’s ability to breach and consistently maintain a value north of $28k,” part of their commentary stated.
$28,000 has formed a battleground ever since Bitcoin first crossed it in early 2021, and liquidity has traditionally surrounded it as bulls and bears fight to secure control over long-term trajectory.
Data from the trading suite DecenTrader, among others, confirms that the status quo remains despite recent BTC price moves, with $28,000 lying in a zone between major longs and shorts of varying leverage.
“While this pivotal milestone was momentarily attained on futures, the spot market price peaked at $27.98k earlier today. It’s evident just how crucial this price point is in the larger scheme,” Allemann and Happel added.
“The rapid movements and these price thresholds aren’t just numbers. They signify investor sentiment, market dynamics. Keep an eye out for the 28k level.”
Road to Bitcoin halving contested
As Cointelegraph reported, predictions over what the future will bring for Bitcoin both before and after its next block subsidy halving in April 2024 differ considerably.
In an interview last month, DecenTrader co-founder Filbfilb eyed BTC price galvanizing itself for upside during Q4, possibly reaching $46,000 by the halving.
Some well-known market participants, however, remain risk-averse. Among them, popular trader Crypto Tony and others are betting on a pre-halving return to $20,000 for a final local bottom.
“Many can scream they are long right now and caught that move, but if your not taking profit here at resistance your doing something wrong,” he told X subscribers about the recent surge.
“I personally will not be long unless we flip that $28,500 level into support.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Ripple job posting hints at possible IPO, XRP community says
Fintech payments company Ripple released a new job posting on Oct. 16 for a shareholder communications senior manager across multiple locations in and outside the United States. The job posting prompted many crypto enthusiasts to label it as an official hint about the company’s plans to go public.
The job posting outlines that the role will require direct communication with shareholders — a concept generally associated with publicly traded companies. The chosen candidate would be responsible for developing and implementing communication and relationship management strategies for “existing and prospective investors, current shareholders, and financial analysts.”
The job description emphasizes the candidate’s need to create strategic plans specifically suited for situations like “M&A [mergers and acquisitions], investments, liquidity events, and other high-impact moments.“
The role includes creating investor-focused materials like “presentations, fact sheets, case studies, and analyses“ to inform and educate potential investors about the company’s prospects and performance — a necessary component of the initial public offering (IPO) preparation process. The responsibilities of the post also include maintaining a shareholder database and managing routine communications like quarterly updates.
Many XRP (XRP) proponents and the pro-Ripple community on X (formerly Twitter) are referring to the job posting as a hint that there may be an IPO. Some key executives from the company have also alluded to the possibility that Ripple might go public but haven’t given any indication of timing.
Anyone notice the recent job openings at #Ripple?
The only reason you need a Shareholders Communication Manager.. is for an IPO.
— Chad Steingraber (@ChadSteingraber) October 16, 2023
The crypto-focused payments company has recently been in the limelight due to the U.S. Securities and Exchange Commission’s (SEC) lawsuit alleging XRP is a security. Ripple scored a major win in the lawsuit in July when a judge ruled that XRP is not a security in terms of sale on digital asset exchanges.
Key Ripple executives have claimed that even though the SEC lawsuit has cost them many business opportunities in the U.S., most of its remittance business lies outside America.
Banks’ crypto exposure must be disclosed — BIS’ Basel Committee
The Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) released a consultation paper on Oct. 17, proposing to make it compulsory for banks to disclose their crypto exposure.
The Basel Committee comprises central banks and financial authorities from 28 jurisdictions and is a forum for regulatory cooperation on banking supervisory matters. The latest consultation paper is based on the disclosure guidelines in the final prudential standard on how banks should handle their exposure to crypto assets released in December 2022.
The consultation paper aims to set a standardized “disclosure table and set of templates for banks’ crypto-asset exposures,” with a proposed implementation date of Jan. 1, 2025. The Basel Committee has opened the proposal for public comment until Jan. 31, 2024, after which the results will be published on its website.
Under the new proposed regulations, banks would be required to provide quantitative data on exposures to crypto assets and the corresponding capital and liquidity requirements. Banks would also be required to offer qualitative data on their activities linked to cryptocurrencies.
Additionally, banks would be required to offer information on the accounting classifications of their exposure to crypto assets and liabilities. In its proposal, the committee claimed that using a uniform disclosure format will encourage the application of market discipline and lessen information asymmetry between banks and market participants.
The committee also reviewed crypto assets and bank exposure in June. At the time, the committee didn’t delve deeply into the topic, mentioning only that it was focusing on permissionless blockchains and the eligibility criteria for “Group 1” stablecoins.
The BIS has been actively involved in crypto consultations and examining the regulatory aspect of decentralized technology. Recently, the BIS and a handful of European central banks published details of a concept to develop a system to track international flows of cryptocurrencies.
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