Is cryptocurrency legal in Dubai? The Government of Dubai recently enacted Law No. 4 of 2022 on the Regulation of Virtual Assets (VAL) and established the Dubai Virtual Assets Regulatory Authority (VARA).
Do I need license to trade crypto in UAE? Under the VARA legislation, to establish a business in cryptocurrencies the investors must have to acquire a crypto trade license in Dubai. With a Cryptocurrency license in UAE, businesses can trade and sell cryptocurrencies, tokens, and more.
Is crypto taxable in UAE? As we’ve mentioned, in Dubai there’s no Personal Income Tax or law regulating it, and cryptocurrencies are exempt from taxation in its free zones since September 2021. And this exemption covers any cryptocurrency operations: sale, staking, high-frequency or algorithmic trading, Defi or farming, mining or sale of NFTs…
Do UAE banks accept crypto? The Central Bank of UAE has not licensed cryptocurrencies or recognized them as legal tenders. However, there are no prohibitions against crypto assets and they can be traded on crypto exchange platforms. UAE citizens can own cryptocurrencies, deposit and trade them.