New requirements for real estate payments with cryptocurrencies were introduced in the UEA

August 23, 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..