Virtual currencies, including Bitcoin and Ethereum, are used actively in UAE to buy goods and services, including real estate. Dubai has introduced an option to sell and buy properties by using cryptocurrencies. In 2019, the largest Bitcoin transaction occurred, where a community by Emaar Properties sold for 180 million USD.
EMAAR Properties are not the only regional developer in the UAE. More developers are interested in modern technologies and introducing such payment services to investors that want to purchase real estate. The other developers also help with virtual currencies and offer the possibility of these currencies to buy properties with Select Group, DAMAC Properties, Meraas, and Dubai Properties.
The digital currency market is now at risk, and that’s why many crypto investors are transferring their asset forms into more stable and reliable assets such as real estate. Now, it is significantly easier for an investor to buy a property with cryptocurrency, such as Bitcoin. But before buying any property here, you must exchange the cryptocurrency for traditional money in UAE. And for that reason, you must do some time-consuming paperwork and other procedures to purchase property with cryptocurrency. Bitcoin is less used currency as compared to traditional currency in UAE. Still, its integration is flawless getting into the real estate market and is predicted to transform the purchasing and selling of properties in the future.
How does cryptocurrency work?
Cryptocurrency is a type of digital currency that is traded online for goods and services. Cryptocurrencies are more like arcade tokens, but they are physically not available. Before buying and selling, you must exchange cryptocurrency for real currency to access real estate property in UAE. All digital currencies work using blockchain technology. Blockchain technology is a decentralized technology that spreads across a network of computers, and trading cryptocurrency does not involve any intermediaries or role of banks. That’s why people here in the UAE invest in blockchain technology, which offers security.
Digital currency is divided into different coins and tokens. Coin mining is done by computer systems highly equipped with specialized chips designed particularly for crypto mining operations. There is a virtual payment system for every project that is provided with tokens means it is the primary driver of the network. For example, Binance coin was the token on Ethereum and was used for trading operations before it became a utility cryptocurrency that now operates as a payment method.
So, cryptocurrency is a digital version of money that backed by strong security features. Blockchain technology is a decentralized database that one person cannot change its values. Cryptocurrency opened a world of possibilities in the UAE. Most of the property developers in the UAE allow investors to buy or sell properties using different digital currencies. But one thing must be noted these developers who accept cryptocurrency will only be able to sign a sale and purchase agreement that is always in the UAE’s currency, that is, in Dirhams.
Cryptocurrencies are idolized because of the prices driven by speculators, as these currencies are beneficial to trade and get profit from. One of the most successful and popular cryptocurrency is Bitcoin. Bitcoin is very valid and volatile in terms of pricing. Value of bitcoin almost reached $65K earlier in April and then lost half its value in May. That’s why most investors want to invest their cryptocurrency in real estate.
Cryptocurrency & blockchain regulation in Dubai
VARA (Virtual Assets Regulatory Authority) was established to develop a secure operating framework for the VA (Virtual Assets) sector that can be scaled by ensuring investor and market protection. It expects that governing principles of activities and services regarding virtual assets must be regulated rather than continuously evolving technologies and products.
That move showed how much confidence the government of Dubai in VA (Virtual Assets) is being completed to the future digital economy. Also, the inclination of the Emirate to establish itself as the world’s Virtual Assets Capital.
Dubai’s VARA just announced its entry into the ‘Metaverse’ along with the purpose of its establishment of Metaverse HQ in the dynamic virtual world of ‘The Sandbox.’
VARA has become the world’s 1st regulatory authority that will debut in the Metaverse. Also, VARA ensures the regulator’s accessibility to its industry in their environment and facilitates collaborative engagement between VASPs (Virtual Asset Service Providers, International Regulatory Authorities, and Industry thought leaders.
Government Initiatives
These types of projects are the sole reasons to push the country forward for advanced governmental efficiency, leadership in the industries, and leadership at the international level. Sheikh Mohammed Bin Rashed Al Maktoum directs blockchain strategy initiatives to help Dubai for making it a booming city in the world.
The implementation of cryptocurrency and blockchain systems is actively through economics as it will help conduct and grow business without any bureaucracy involved. Blockchain is aimed to be used in Real estate to create a registration for all the Dubai real estate, which will be developed by the DLD (Dubai Land Development) in the future.
Documents requirements to buy property in UAE
The documents required before buying a property in UAE with cryptocurrency are like those required for usual monetary transactions. The documents required to make the transaction for buying or selling a property with cryptocurrency in UAE are:
- Passport
- Proof of having a residential address
- A power of attorney in case of your representative conducting the transaction
- Individual contact details
Buying and selling properties using cryptocurrency with EBS
EBS provides a wide range of services, including purchasing real estate or buying property in the UAE using cryptocurrency. Although the Bitcoin world is new, it’s still got much more exposure till now. Our company will help you to effectively integrate the cryptocurrency systems allowing it for effortless execution of all kinds of digital transactions.
EBS announces a leap into the future of buying and selling property! Our EBS professional advisors will assist you in searching for your dream place, including residential or commercial space, in UAE.
The entire transaction process is very straightforward, and we will make sure you spend the least of your time on paperwork and more on emplacing to your dream property in UAE! Globally, the economic landscape is now changing, so take advantage of the opportunity to get leverage of cryptocurrency and all the properties market. Start your journey to buy Dubai real estate with cryptocurrency.
When it comes to dealing with legal issues, our team is also highly skilled. Furthermore, the entire transaction procedure is straightforward, allowing you to have the best experience possible when looking for your dream home in the UAE.