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Buying Bitcoin in Dubai does not require any particular criteria. Anyone can buy Bitcoin in Dubai. - 2
Dubai is crypto-friendly and welcomes crypto exchanges and investors with open hearts.
In Dubai, there is no tax on crypto trades which is the most important thing to attract investors to the country. Besides this, there are some regulations on cryptocurrency to protect investors from any risks and fraud.
Since there is no tax on trading crypto, this Middle Eastern country is attracting the crypto industry in full swing. There are many UAE crypto traders and a plethora of crypto investment options in the UAE.
But, the first question that arises is whether it is legal to buy Bitcoin in Dubai? The answer is that cryptocurrencies are not licensed or recognized as legal tenders. It does have some regulations which are mandatory and these are to protect investors.
How to Buy Bitcoin in Dubai?
Buying Bitcoin in Dubai is not complicated. One can buy Bitcoin through exchanges by simply opening an account there. Add funds to the account and buy cryptocurrency. Bitcoin is available on any exchange. Investors who want to hold their Bitcoin can move Bitcoin away from the exchange and store it in their wallet.
The priority is to select the exchange. Get all the information regarding exchanges. Reviews should be checked. Register and open the account. Check the exchange list and the fees. Registering starts with email passwords and other security authentication processes. Mostly photo ID and Know Your Customer (KYC) are required in exchange for authentication.
Many crypto exchanges are working in Dubai. Some of them are OKX, Bybit, HTX (formerly Huboi), etc. Rain, Bybit, OKX, and many others are controlled by the UAE Financial Services Regulatory Authority (FSRA) or the Abu Dhabi Global Market (ADGM).
Once the account is registered and created, the user can transfer the funds in the account to buy Bitcoin. Bitcoins can be bought directly with cash too by using a credit card. The popularity of cryptocurrency in Dubai is shown by the fact that Bitcoin ATMs are also available there. Investors have to insert the cash in the machine and buy Bitcoin instantly. The first Bitcoin machine will be placed in the five-star Rixos Premium Dubai Hotel in 2019.
While peer-to-peer (P2P) exchanges are more common in countries with greater restrictions on cryptocurrency, it is found in Dubai. The major exchanges working in Dubai often have P2P functionality. It allows users to trade Bitcoin directly with one another. When the buyers and sellers agree over the price sale is made.
Dubai has many crypto-friendly banks that allow crypto traders to open accounts and use fiat accounts. First Abu Dhabi Bank (FAB) has no such policy to restrict from buying and selling the crypto. But, it does not allow crypto trading. It permits the user to link an FAB account with a crypto exchange to fund the Bitcoin purchase. Dubai residents are fortunate to have access to the crypto world with some needed regulations.
Source: https://www.thecoinrepublic.com/2023/10/01/is-buying-bitcoin-in-dubai-challenging-are-there-regulations/