https://www.khaleejtimes.com/uae/sheikh-mohammed-announces-first-of-its-kind-law-for-virtual-assets
Sheikh Mohammed announces first-of-its-kind law for virtual assets (NFTs and crypto)
- Thread starter troubled soul
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Some news agencies (Dubai establishes virtual asset regulator and announces new crypto law) reporting that residents will have to register with the authority (VARA) before they take part in crypto activities. Don't know if that applies to people just trading their own funds on an exchange. As usual, we have to wait and see.
Statement about the Regulatory and Supervisory Framework to assure AML/CFT Compliance across Virtual Assets in the UAE
https://www.sca.gov.ae/en/media-cen...assure-amlcft-compliance-across-67c64b33.aspxhttps://www.khaleejtimes.com/econom...-to-know-about-virtual-assets-and-regulations
it says there "
it would mean it is︁ illegal for randoms residents of UAE to trade crypto (on online platforms as binance etc...)︂ without licence, maybe would require complicated accountancy etc on individuals ?
it says there "
>>Is it illegal to trade virtual assets without VARA’s permission in Dubai?
Yes. It is prohibited for any person in the Emirate to engage in activities without VARA’s authorisation. The person wishing to practice any of the virtual asset︀ activities must establish a presence in Dubai to conduct business."it would mean it is︁ illegal for randoms residents of UAE to trade crypto (on online platforms as binance etc...)︂ without licence, maybe would require complicated accountancy etc on individuals ?
Yes, but I haven't been able to find any official docs or statements that︀ say that. All the docs I've seen refer to service providers. My question is, where︁ did they get this information from?
It would indeed suck if the above is true,︂ depends on the details though.
It would indeed suck if the above is true,︂ depends on the details though.
9% tax... grey listing... trading crypto becomes illegal .. looks like UAE crackdown is︀ in full force.
I can already imagine the replies of some Dubai fans here: "It's︁ only official, actually nothing really happened, you can still do anything you want, just compliance︂ will be tougher, it is actually GOOD for Dubai"
I can already imagine the replies of some Dubai fans here: "It's︁ only official, actually nothing really happened, you can still do anything you want, just compliance︂ will be tougher, it is actually GOOD for Dubai"
Did I heard Dubai? 😎
Joke aside - the truth is:
Nobody knows.
Everyone needs to decide on his own if he wants to make the move or not - I mean whatelse is outhhere anywhere if we look for the magic 0% tax? Only Middle East countries︀ less developed then Dubai and a few Caribbeans - that's it - so eitehr we︁ learn to deal with it or start paying taxes.
Just a quick hint:
- Vanuatu︂ CIB program is more or less dead since EU announced the cancellation of Visa Free︃ Travel to EU
- Hamilton Reserve Bank and Bank of Nevis International did lost both︄ same week there Correspondence network
That are countries we have to compare the UAE with︅ - beside of that you have Bahamas Residence for 750k$ and Cayman Island Residence for︆ 600k$ property investment and here Permanent Residence only after 8 years.
People fleeing from Gerogia,︇ Malta and Cyprus - that's at least what we see - so for sure it's︈ not better in the EU.
Welcome to the Endgame - Ride the wave as long︉ as it lasts.
Im sure @Martin Everson already watching this with popcorn is his hands.︊
Joke aside - the truth is:
Nobody knows.
Everyone needs to decide on his own if he wants to make the move or not - I mean whatelse is outhhere anywhere if we look for the magic 0% tax? Only Middle East countries︀ less developed then Dubai and a few Caribbeans - that's it - so eitehr we︁ learn to deal with it or start paying taxes.
Just a quick hint:
- Vanuatu︂ CIB program is more or less dead since EU announced the cancellation of Visa Free︃ Travel to EU
- Hamilton Reserve Bank and Bank of Nevis International did lost both︄ same week there Correspondence network
That are countries we have to compare the UAE with︅ - beside of that you have Bahamas Residence for 750k$ and Cayman Island Residence for︆ 600k$ property investment and here Permanent Residence only after 8 years.
People fleeing from Gerogia,︇ Malta and Cyprus - that's at least what we see - so for sure it's︈ not better in the EU.
Welcome to the Endgame - Ride the wave as long︉ as it lasts.
Im sure @Martin Everson already watching this with popcorn is his hands.︊
1)Also the question is are foreign exchange who aren't based in UAE and do not have that VARA licence still able to provide access to UAE residents ? It would mean you lose access to most platforms ?
2)Secondly I cannot find clear info on that : "Yes. It is prohibited for any person in the Emirate to engage︀ in activities without VARA’s authorisation"
On some sites they mention only services and exchanges need︁ this to register, on others every single resident would be subject to that, and what︂ about the 9% tax ?
If someone knows or have a hint would be great︃
2)Secondly I cannot find clear info on that : "Yes. It is prohibited for any person in the Emirate to engage︀ in activities without VARA’s authorisation"
On some sites they mention only services and exchanges need︁ this to register, on others every single resident would be subject to that, and what︂ about the 9% tax ?
If someone knows or have a hint would be great︃
I havent seen (even UAE/Dubai specialists) being able to answer︁ your second question, and I am not talking just on this forum, but in general.︂ I imagine it might be too early to know
From cointelegraph
It seems that trading crypto (your own asset) won't be regulated, only the point d) confuse me
Can someone confirm "custody and management of cryptocurrencies" means to operate a custody business and manage others cryptocurrency, not to custody your own assets (as a trader of your personal assets) ?
It seems that trading crypto (your own asset) won't be regulated, only the point d) confuse me
Can someone confirm "custody and management of cryptocurrencies" means to operate a custody business and manage others cryptocurrency, not to custody your own assets (as a trader of your personal assets) ?
Interesting.
It seems you'll need a licence if you provide any kind of crypto service - from custody to exchange. Makes sense.
However it doesn't cover some very common cases
1) Getting paid in crypto (as a business entity). Will you need a licence to issue invoices in USDT? Or BTC and then converting proceeds in USDT? Unclear.
2) Handling the crypto assets (storing, exchanging etc). For instance you accept payments from customers in crypto, however the service takes 3 months to be delivered, so you basically store the customer funds for 3 months. Does it require a licence?
3) Paying the employees in crypto︀ (buying USDT, storing it for some time, sending payments).
A lot of grey areas and︁ as usual very little use cases - it seems in Dubai everything is made as︂ opaque as possible in order to please the global partners and at the same time︃ to calm expats with questionable capitals.
It seems you'll need a licence if you provide any kind of crypto service - from custody to exchange. Makes sense.
However it doesn't cover some very common cases
1) Getting paid in crypto (as a business entity). Will you need a licence to issue invoices in USDT? Or BTC and then converting proceeds in USDT? Unclear.
2) Handling the crypto assets (storing, exchanging etc). For instance you accept payments from customers in crypto, however the service takes 3 months to be delivered, so you basically store the customer funds for 3 months. Does it require a licence?
3) Paying the employees in crypto︀ (buying USDT, storing it for some time, sending payments).
A lot of grey areas and︁ as usual very little use cases - it seems in Dubai everything is made as︂ opaque as possible in order to please the global partners and at the same time︃ to calm expats with questionable capitals.
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