A chance for UAE cryptocurrency holders to get into something tangible

A chance for UAE cryptocurrency holders to get into something tangible

With Dubai real estate companies accepting crypto payments in lieu of fiat currency, it has opened avenues for early investors in cryptos to diversify their investment portfolio and to convert the notional gains into tangible assets. Real estate experts estimate that crypto payments for property increased 300 per cent this year and that the trend will continue. Developers are partnering with regulated crypto exchanges to offer payment options to clients, enabling them to pay for an array of services. These companies have the option to hold these crypto currencies in their wallets or convert them into fiat currencies through the exchanges. Why should companies accept crypto? Circular No. 14/2022 concerning Real Estate Activities Report (REAR) requires cash payments for value Dh55,000 and above to submit through the goAML platform on reporting suspicious transactions. Crypto payments by investors would streamline these transactions as the trail cannot be mutated. The Distributed Ledger Technology (DLT) on which the whole crypto ecosystem thrives allows digital information to be recorded, distributed and renders editing impossible, thus helping detect financial frauds early. Given UAE’s commitment to the OECD partnership to strengthen tax co-operation and its commitment to ensure compliance with international standards on anti-money laundering, adoption