Topic: Is Dubai a Bitcoin Friendly City? (Read 332 times)

If you intend to travel and have a decent income to support the trip there, of course Dubai is one of the places many people dream of visiting. But I don't think it will be enough and it will never be friendly to accept low income assumptions like the OP said. Imagine buying a portion of food and an apartment to live in, then the money you spend will be much different than you would normally spend on basic housing.

Dubai's resources could potentially follow El Salvador's lead someday, but there are other considerations that also cannot be overlooked, this country has a high level of income in several sectors of the country, one of which is oil and others, so to become their country like El Salvador may be easy to achieve. To date the country's status is only one of several bitcoin-friendly countries and has yet to come to a stage like the bitcoin journey in El Salvador.

Dubai has shown a relatively friendly stance towards Bitcoin and cryptocurrencies in general. The government of Dubai has recognized the potential benefits of blockchain technology, which is the underlying technology behind Bitcoin and other cryptocurrencies. In 2021, Dubai's government announced the Dubai Blockchain Strategy 2022, which aims to make Dubai the first city fully powered by blockchain by 2022.

Additionally, Dubai has hosted several events and conferences related to blockchain and cryptocurrencies, including the Blockchain Summit and the Future Blockchain Summit. Dubai has also seen a growing number of businesses that accept Bitcoin and other cryptocurrencies as payment, such as some hotels, cafes, and restaurants.

However, it's important to note that the legal status of Bitcoin and other cryptocurrencies in Dubai is still somewhat unclear, and there have been some reports of crackdowns on illegal cryptocurrency activities. Therefore, while Dubai may be relatively friendly towards Bitcoin, it's still important to exercise caution and follow all relevant laws and regulations when dealing with cryptocurrencies in the city.

Dubai is a desert country in the Middle East which is currently called the city of the richest people. Everything legal with cryptocurrency in Dubai is done through Bitcoin. Most of the casinos and gambling cities are also called Dubai. Most people in Dubai use Bitcoin and virtual currency for business and they get many benefits. And in Dubai most of the people go to travel and they get a lot of benefits by doing cryptocurrency transactions there. Dubai as a developed city There are various advanced technologies used there and in the virtual world Dubai has earned a reputation as a developed city.

Based on how much your capital income every months for talking about Dubai is friendly cities or not, I think many people excited spent their travelling in Dubai because have enough money although 10 times cost higher than their country. For foreigner with much money in their pocket not matter how expensive cost living there but service got with several luxurious places make them happy living there.

I think Dubai will be friendly city for Bitcoin one day later due many foreigner living there and using bitcoin as transaction payment will give easy for tourism how to make all payment transaction with Bitcoin. Learned from El Savador decision accepted Bitcoin as payment currencies make get positive impact with tourism coming there every years drastically up.

The cost of living in Dubai is 10 times that of the country where you live, apartment rent, food and places to visit are much more expensive, my question is whether you will use the investment profits only to pay for the necessities of life there?

I don't want to explain Dubai as a crypto-friendly country, there is a difference between foreign nationals and native nationals, so it will not look friendly to foreigners who have low opinion living in Dubai, it should be a basic consideration before you move there, especially if you put small money to invest in crypto and even though the tax in Dubai is very tempting for investors to move there.

In My view, Wherever it is, there are certain rules and restrictions that you should know and follow before trading or storing cryptocurrencies in Dubai. I'm trying to answer if something is missing please friends in the forum to be able to add answers to these specific questions:

1. It is not illegal to keep or trade cryptocurrencies in Dubai, but the government there has not fully regulated the use of cryptocurrencies. As a result, there is some uncertainty surrounding the legality of certain activities related to cryptocurrencies.

2. If I'm not mistaken At the moment there are no special taxes or restrictions to buy or sell cryptocurrency in Dubai. However, this could change if governments consider how to properly regulate the use of cryptocurrencies.

3. Decentralized exchanges (DEXs) are currently not regulated in Dubai, so it can be difficult to find a DEX that supports BTC/AED transactions. However, there are some centralized exchanges (CEX) that support this transaction.

4. If I'm not mistaken The time it takes to buy or sell Bitcoin in AED on a DEX or CEX can vary depending on the particular platform and the volume of transactions at that time.

5. There are several leading CEXs that support BTC/AED transactions, including BitOasis, Rain, and Kraken.

Yes, Dubai is crypto-friendly city, with an increasing number of businesses and individuals using and investing in cryptocurrencies.

In this article published on February 4 on CoinDesk, it was mentioned that companies operating in the field of modern technologies can conduct their activities in the Emirate of Dubai in accordance with the laws set by Virtual Assets Regulatory Authority (VARA). This is according to a scheme that Dubai was working on to attract companies operating in the field of blockchain and crypto.
https://www.coindesk.com/policy/2023/02/07/dubai-mandates-licensing-for-crypto-companies-as-it-sets-out-regulatory-requirements/
According to the same article, Dubai has set a framework which also covers advertising and promotion requirements for crypto firms. And that the framework was approved by the Virtual Assets Regulatory Authority (VARA).

Dubai is currently one of the most favorable cities for cryptocurrency investors and entrepreneurs in the Middle East region. In January 2021, the Dubai government announced the launch of "Dubai Blockchain Strategy 2020", which aims to use blockchain technology to improve the quality of life of the city's residents and develop the economy. In addition, the government of Dubai is actively working to create a favorable environment for cryptocurrency investment and entrepreneurship.
In general, it can be said that Dubai is a Bitcoin-friendly city and continues to work to create a favorable environment for the development of the cryptocurrency ecosystem.

Most of your questions are legal, and it is wrong to ask them here, as all the opinions above are personal opinions, far from legal advice.
In Dubai there are a lot of legal advice offices and in the free zone they can ask them to give you more details.
There is a platform called Rain^[1] that you can use to buy and sell.

Buying and selling bitcoins is allowed in free zones, but if you fail to prove the source of the funds, you may be charged with the money laundering and combating illegal wealth law, and its penalty ranges from 5 to 20 years, so be careful.

[1] https://www.rain.com/

I recently conducted research regarding the best bitcoin-friendly locations, and Dubai ranks among the best. This time, I would not be moving, but my goal is to live in a place where bitcoin is well liked and accepted.

1. Is holding & trading or both an offence?
No. Crypto.com is applying for a license to operate for the same reason that the cryptocurrency market is expanding in Dubai.

2. Do they tax or restrict on buying/selling of crypto?
Trading is, of course, permitted. If your incoming income is not derived from within United Arab Emirates, I believe you are exempt from paying tax in Dubai. Since cryptocurrency trading from international exchanges like Binance does not occur within Dubai, I presume that this is tax-free.

3. Are there any DEX that support BTC/AED transaction globally or vice-versa?
I have never heard of this, but I use Binance, and I noticed that AED is free to use in peer to peer transactions.

4. How long does it takes to buy/sell Bitcoin in AED on a DEX or CEX?
Binance peer to peer is instant or within few minutes.

5. If DEX are not available then which CEX should I use?
Binance and Dubai licensed cryptocurrency exchanges. Because they were unfamiliar to me, I forgot their names, so you can also confirm this through additional research.

If you are buying or selling on a centralized exchange, how long does it take for your order to be filled will depend on some of following contributors

Trading volume on that exchange, big or small. If it it too small, you will have to wait a little bit long to see your order to be filled if you don't want to buy or sell directly to available orders of others. If it is big, your order likely will be filled quickly.

I think more about withdrawal waiting time on centralized exchange, it can be quick or long depends on each exchange.

If you are buying and selling on decentralized exchange and if liquidity pool for that coin is big enough you will get good slippage and your order will be filled instantly. DEX is built for permissionless experience.

I believe the only offence in Dubai is doing something that illicit or gambling.

For now, I believe cryptocurrency is tax-free in Dubai ever since their creation of crypto Freezones in September 2021 if I can remember correctly.

Yes, I don't know about other but I believe the East have its local exchange and Binance offers a good service for people in Dubai.

I dont know if there DEX that supported the AED currency but I am sure of some CEX that offer quick services.

Binance, Kraken and CEX.io

With some of your family already there I really don't think you will be homesick or anything in those lines, all the best as you relocate

Well now just don't tell them but find some you can confine in and who knows they might like trading too .

I see many profitable traders going to be doing this, noticed most of my prop firm trader's complaining about this and I think they are also having problems with card payments and the alike .

I follow several crypto millionaire's and traders who have relocated to this place and non of them have mentioned this to be a problem for them, it's all about blending in and learning their way of life there

I highly doubt it, besides platforms that you can buy your crypto from haven't flagged off Dubai you can probably keeping using the platforms you are familiar with.

I suppose you need to invest in some crypto card or better yet use p2p to get AED if crypto is off the table .

If all is setup like KYC and all ,  I would say within 5-30 minutes you should be done.

I would say go for reputable platforms, unless you are out searching for something close to home use smaller bits to minimise your loss .

Dubai is a crypto friendly country in the middle east, i have several occasions of coming across some threads that talks about Cryptocurrency in that region on this forum, they have a crypto free trade zone and many more cryptocurrency enabling environment that suits the benefits of the people over the region to make business since it's believed to be a business center of commerce, Dubai has also hosted alot of business conference on digital technology and their regulations to the best interest of the citizens into  cryptocurrency.

Dubai is a crypto friendly country because it is a tourist country,that is where the government generates most of their income from. So many people all over the world do travel to Dubai on vacation, with this the government will embrace crypto since Dubai is country that is open to new technology to meet up with the demand or satisfaction of foreigners in the country who is  there for business or for tourism. Life is expensive in Dubai if you don't have a good job to pay your bills. The rent is expensive in the city,since you said that you have already sorted out your accommodation and job, you shouldn't have a problem to enjoy the beautiful city of Dubai.

At a time when most countries are reacting differently to cryptocurrency, Dubai is trying its best to capitalize on this opportunity. They are using crypto as a weapon to increase foreign investment in their country. This policy has created a different attraction for crypto enthusiasts to Dubai. The government of Dubai plans to accept payments in Bitcoin on its national airline Emirates. Besides, they have taken various other steps. Such a visionary policy towards crypto by the Dubai government has helped them to take a step forward. There is already a lot of crypto investment going on in their countries.

If you live in Dubai, you should not have any problems exchanging cryptocurrency for fiat and vice versa. There are a lot of services out there. You can trade on any exchange, you can use exchanges without the know your client procedure, but I wouldn’t keep a lot of money there.
https://www.bestchange.com/tether-trc20-to-dirham.html
https://www.bestchange.com/bitcoin-to-dirham.html

Current list of exchanges without KYC(Ratimov (OP))
https://bitcointalksearch.org/topic/m.60989250
But everything is very expensive there, although you can come to India if you need treatment.

@OP Dubai is one of the most welcoming and tax friendly country on this land and also zero income tax policy makes it as a heaven for whoever wants to invest their money.

Holding and trading of cryptocurrency in Dubai isn't an offence since some of the influencers I knew become millionaires with their bitcoin investment so you're good to go.

Almost all the cex allows if I am not wrong but liquidity depends on the exchange, personally I prefer p2p for crypto to fiat trades because whereas for crypto trades there is no shortage of liquidity on centralized exchanges.

Thanks once again @OmegaStarSceam I did went ahead and checked Numbeo and found it to my satisfactory.
I would be earning a little bit more than the amount quoted and the rent has been taken care. I am not going to use any crypto to survive. Whatever I am earning from signature or whatever I have invested/will invest is my retirement fund.

I suggest you look at Numbeo. It should give you a good idea about the cost of living there.

Also, I forgot to mention that privacy coins have been recently banned[1].

[1] https://www.coindesk.com/policy/2023/02/08/dubai-prohibits-privacy-coins-under-new-crypto-rules/