Cryptocurrencies are becoming increasingly popular and accepted as an alternative payment method. Digital wallets such as Apple Pay and Samsung Pay are allowing people to make purchases online without having to reveal their credit card details.
However, despite the surge in popularity, the industry is still in its early stages and the regulations surrounding them are yet to be finalized.
Is Cryptocurrency Legal In UAE?
The government has allowed some cryptocurrency exchanges to operate inside the financial-free zone. On May 20, 2021, the DMCC Cryptocurrency Center was launched to encourage cryptographic and blockchain technology in the United Arab Emirates.
More than one hundred firms in the crypto field are members of DMCC. By the end of 2022, the UAE will have more than 1,000 crypto companies.
Cryptocurrency Future in the UAE
The central bank of the United Arab Emirates has announced that by 2026, they will launch their first digital currency as part of their 2023-2026 strategy. With this move, they expect to position themselves among the top ten central banks in the world.
The cryptocurrency regulations in Abu Dhabi are monitored by FRSB (Financial Services Regulatory Authority) and SCA (Securities and Commodity Authority). A license from FRSB or SAC is required to provide crypto service in Abu Dhabi.
How To Buy Cryptocurrency in UAE?
If you really want to start a crypto business in UAE, you must follow these guidelines and steps. You can deposit and secure your crypto in an escrow crypto wallet to avoid any fraud.
Create Your Trading Account
There are plenty of platforms out there that allow people to buy, sell, and trade cryptocurrency without having to worry about the technicalities involved. However, before you start investing your money into any particular platform, make sure that they offer support 24/7 and that you know how to navigate through the website.
Also, be aware that not every platform offers the same features, so choose carefully depending on what you’re looking for in an investment platform.
Add Amount In Account
Once your trading account has been verified, the next step will be to deposit funds into the account. You may choose to make deposits directly through your bank accounts or use credit cards or bank transfer services to fund your account.
The money you deposited in your bank account may take 3 days to reflect. Once it’s done you are ready to invest in cryptocurrency. You can choose between investing in one coin or portions of them.
Wait and Store Money
After purchasing cryptocurrencies, you should keep them safe and secure. By storing your crypto coins on an e-wallet (hardware-based or web-based), you can be certain of keeping your coins safe. A private key allows you to access your funds whenever you wish.
So, these are the safe ways you can choose to start cryptocurrency trading in UAE and Dubai. If you want to make the right profit with no loss, then you need to learn skills and knowledge about how crypto works and how you can generate income.