Dec 07, · Dubai: While the UAE doesn't recognize Bitcoin as a legal form of tender, there are means to trade them. (The only legal tender in the UAE is the UAE dirham.) Bitcoin, Author: Justin Varghese. Sep 15, · 3 Purchase Bitcoin Through an Exchange. For individuals in Dubai, there has recently been a huge demand for Bitcoin, and the other way to invest in Bitcoin is through a exhange called BitOasis. BitOasis is a digital currency exchange in the Middle East that allows for the sale and buy Bitcoin in Dubai. You can also use them as a digital wallet. Another UAE noob is Fred, a British communications executive, who lives in Dubai and bought into Bitcoin in early November when the price was about $9, Fred, also did not want to reveal his full name; many cryptocurrency investors approached by The National either refused to discuss their portfolios or did not want to share their full details.
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A threshold question in considering the legal status of bitcoin is whether it is classified in a jurisdiction as a commodity like gold or a currency like dirhams or US dollars. There is no clear international consensus on this question at the moment — in the US, bitcoin has been treated as a commodity by the Commodity Futures Trading Commission and in the European Court of Justice, bitcoin has been treated as a currency for VAT purposes.
Why does this matter? It matters for a number of reasons:. What about blockchain? Is it treated the same way as bitcoin and cryptocurrencies? It is very important to make a distinction between blockchain as an enterprise and social technology and bitcoin as simply one use case, albeit the most successful use case to date, of that technology.
At a very basic level, a blockchain is a distributed ledger that records bitcoin transactions and is akin to an electronic database ledger used by financial services organizations to record fiat currency transactions.
We will discuss the laws applicable to the use of blockchain by a public or private sector entity in a future article, but in terms of asking whether or not blockchain is permitted in the UAE, it would appear that there are no laws that prohibit the use of blockchain as an alternative to a more traditional database ledger. In the interim, the question remains — what is the current legal status of bitcoin in the UAE?
Bitcoin — a currency or a commodity? It matters for a number of reasons: From a regulatory authority perspective, if bitcoin is treated as a commodity it would fall under the regulatory remit of the UAE Securities and Commodity Authority, whereas if treated as a currency, it would fall under the regulatory authority of the UAE Central Bank.
If you were lucky enough to invest in Bitcoin when it was still new to the financial marketplace, then you may already be a millionaire today.
You can buy them directly on exchanges or through a licensed broker like IQ Option, eToro, Pepperstone etc. As there were a lot of scams and hacker attacks on exchanges recently we suggest buying cryptocurrencies through an authorised dealer who purchases and stores your coins in a safe place.
Underneath you will find a list of our personal favourite brokers to buy cryptocurrencies from:. What makes this way of purchase safe is their insurance protection against theft, hacker attacks and natural disasters for their market value and the additional free cold storage of your coins in the DMCC headquarters Almas Tower in Dubai.
Its main operation is based around CFDs. CFDs are complex instruments that include leverage, so they come with a higher risk. CFDs are highly leveraged and risky, and may not be suitable for all investors. You may lose more than your initial investment. Trading CFDs does not result in ownership of the underlying assets.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. For individuals in Dubai, there has recently been a huge demand for Bitcoin, and the other way to invest in Bitcoin is through a exhange called BitOasis. BitOasis is a digital currency exchange in the Middle East that allows for the sale and buy Bitcoin in Dubai.
You can also use them as a digital wallet. On the their web page, you will be able to find the current price of Bitcoin. As already said you will need to get a voucher to buy Bitcoins.
To get the voucher you will need to open an account with BitOasis first. Once your account is created you should log-in, select your password and get your account verified with the 2 factor authentication software.
If you want to buy bitcoin you will need to navigate your mouse to the left buy button as sworn in the picture. On the next step you will be guided to a page where you will need to deposit funds to get your voucher.
Once the payment is sent the funds will be visible on your voucher which is the door to buy bitcoin in UAE. Once you click on the Buy Bitcoin Button you will be redirected to the purchase confirmation page which is basically a receipt for your purchase make sure you save a screenshot of it. First of you will see a pending order sign which will hide after the transaction was successful processed. What makes it different is the last decision to invest your money in cryptocurrencies.
What you should take into consideration before you invest money in bitcoin:. This is a leading exchange that has gained popularity over the years since Online reviews suggest that they are a very reliable source of digital currency. As you can see above, getting hold of Bitcoin for investment purposes is relatively easy, so long as you know where to go, and you have a bank or credit card to use.
Bitcoin could be a great way for you to expand your investment portfolio for your retirement account as well to improve your finances. We have published an article about the Bitcoin IRA investment options here. Just make sure that before you get into a Bitcoin investment, you understand that you are taking a financial risk.
What is Bitcoin and What Is Blockchain? Bitcoin runs through a technology ledger called the Blockchain, and the most important fact any investor can remember is that the supply of Bitcoin is finite. Bitcoins are developed through a unique process called mining.