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The process requires a cryptocurrency exchange which allows people in uae to open accounts and trade using them. This is the first in a series of articles considering legal issues relating to bitcoin, cryptocurrencies and blockchain in the uae. There is nothing in the uae law that prohibits a person from lawfully obtaining such digital assets as bitcoin, but there is no regulated regime for businesses to trade in them. The united arab emirates doesn't recognize bitcoin as a legal form of tender, but it's not banned either. The service supports many other cryptocurrencies, including bitcoin cash, ethereum, ripple, and eos. Firas al msaddi, the ceo of fam properties, described the process as similar to using cash or a bank loan to buy a house. The legality of bitcoin all over the is bitcoin trading legal in uae world can be seen in this map: Registration is uncomplicated on this platform.just complete 3 simple steps and boom you are in!
The legal status of bitcoin and cryptocurrency within dubai is unclear, as the central bank of the uae does not consider virtual currencies to be legal tender.
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