The UAE government, amid global tightening of anti-money laundering measures, has ordered real estate agencies to inform the AML regulator about transactions using cryptocurrencies.
United Arab Emirates (UAE) Economy Minister Abdulla bin Touq Al Marri said the new rules would leave “little or no room for manipulation or illegal practices that could negatively impact the work environment, the economy and investment.” » in real estate and jurisprudence.
The UAE authorities require brokers, agents and law firms to file reports with the UAE Financial Intelligence Unit, which is responsible for anti-money laundering (AML) compliance, and provide information on digital asset transactions in the event that a buyer pays in cash more than 55,000 dirhams (about $15,000).
The government has not set a threshold for cryptocurrencies, implying that even minimal bitcoin transactions will be detected. The tightening of regulatory measures is likely due to the massive initiatives of cryptocurrency companies such as Bybit, Kraken, Binance and Crypto.com, seeking to create new crypto hubs in Dubai and Abu Dhabi.
Following statements from foreign crypto businesses, developers in the UAE have announced that they will begin accepting property payments in bitcoin (BTC) and ether (ETH). Last month it was reported that Dubai, amid the global growth of Web3, is launching a project to develop the metaverse, primarily aimed at artificial intelligence.
Source: Bits
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