UAE Enforces Stricter Controls on Cryptocurrency Use in Real Estate

23.08.2022

The UAE Government requires real estate agents to notify the Financial Intelligence Unit (FIU) of transactions involving virtual assets.

The requirement is also relevant if funds received from virtual assets are used in cash and non-cash payments. This applies to individuals and legal entities, as well as transactions for the purchase and sale of real estate for more than 55,000 dirhams (appx. $15 000).

The UAE is one of the first countries in the world to implement a system like this.

The new initiative will contribute to strengthening financial stability against the backdrop of the battle against money laundering..

Need help with real estate?Contact us!Reach out to Mayak Real Estate Agency for a professional consultation on buying, selling, renting, or investing in property.

Marina SychovaSales Director - Dubai

Other articles

How to Become a Real Estate Agent in DubaiAre you passionate about real estate and dreaming of a career in Dubai? With its booming property market and global appeal, Dubai offers exciting opportunities for individuals seeking a real estate job. Whether you’re a foreigner looking for job prospects or a fresh graduate eager to kickstart your career, this guide will provide you with valuable insights on how to navigate the competitive landscape and secure a real estate job in Dubai.

Overview of Damac Lagoons in DubaiDamac Lagoons is a relatively new project from developer DAMAC Properties. The area is located at the intersection of Hessa Street and Sheikh Zayed Bin Hamdan Al Nahyan Street. The gated community is adjacent to the DAMAC Hills area.

Buying Property in Dubai: Pros and ConsAre you considering investing in the flourishing real estate market of the United Arab Emirates (UAE)? Dubai, in particular, has become a hotspot for property buyers from around the globe. But before you dive into the world of UAE real estate, it’s essential to understand the pros and cons associated with this significant investment. In this comprehensive article, we’ll guide you through the intricacies of buying real estate in the UAE, providing valuable insights and expert advice.