UAE Tightens Rules on Real-Estate Purchases Paid in Cryptocurrency

Authorities in the United Arab Emirates (UAE) have required real estate agents to alert anti-money-laundering authorities to deals paid in digital assets. The Emirates News Agency reports.

\n\n

Against the backdrop of the emergence of cryptocurrency firms in the UAE, some local developers announced the start of accepting payments in Bitcoin and Ethereum. In April such an option was provided to clients by one of Dubai’s largest developers, DAMAC Properties.

\n\n

The requirements apply to individuals and legal entities, as well as deals worth more than 55,000 dirhams (~$15,000). Purchases may be paid entirely in cryptocurrency or partially — no minimum threshold is set.

\n\n

“The introduction of reporting rules for certain real estate transactions is yet another example of how the UAE coordinates actions between the government and the private sector to strengthen the national framework for countering money laundering and the financing of terrorism,” said Abdulla Sultan bin Avvad Al Nuaymi, Minister of Justice.

\n\n

Brokers, agents and law firms must file reports with the UAE’s Financial Intelligence Unit.

\n\n

In March Dubai authorities passed a virtual-asset law and established a regulatory body. Shortly after, FTX’s subsidiary received approval to operate, and by the end of July — a full license to provide exchange and clearing services for digital currencies.

\n\n

Temporary licenses were also granted to cryptocurrency exchanges Binance, OKX and Huobi.

\n\n

In June, Okada & Company put up for sale a New York office building in the form of an NFT for 15,000 ETH.

\n\n

Earlier, the owner of an apartment in the Portuguese city of Braga sold it for 3 BTC without converting to fiat.

\n\n

Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.