UAE strictly controls money laundering of real estate with crypto

Authorities want to strictly control crypto real estate payments to clear the way for the UAE to become a "Crypto Hub".

UAE strictly controls money laundering of real estate with crypto

Real estate agents are obligated to report to the regulator any real estate transactions paid for with cryptocurrency, the United Arab Emirates (UAE) government said in a statement. a statement yesterday.

With the entry of many crypto giants vying for influence in Dubai and Abu Dhabi, a number of real estate organizations in this region have announced the start of accepting payments in Bitcoin (BTC) and Ether. (ETH). Unfortunately, the move caused the government to step in, even though the transaction was for a fraction of the value of a home.

The new rules will help radically curb manipulation as well as illegal practices that have a negative impact on the country's working environment and investment economy, said UAE Economy Minister Abdulla bin Touq.  Al Marri commented.

Brokers, agents and law firms are required to report to the Financial Intelligence Unit, the organization responsible for tracking dirty money, and similar action is required for buyers who need to make a transaction. cash from 55,000 AED (about 15,000 USD).

Back in May, the UAE minister called for stopping "crime" in the metaverse because the very nature of this space allows people to commit crimes in ways that are not acceptable in real life such as "murder". , "terrorist bombing"…

The UAE government established the Dubai Virtual Assets Authority (VARA) in March to develop a regulatory framework for cryptocurrencies in Dubai. Since then, there have been more than 1,000 companies in the blockchain and metaverse field that have "migrated" here. VARA has granted or renewed licenses for several leading crypto platforms such as Binance, Crypto.com, Huobi, and OKX. Another significant effort by the government of this country is the risky plan to set up a simulator headquarters in the world of The Sandbox.