Numerous significant enterprises have been drawn to the UAE by its commitment to the growth of the crypto sector. After the government agreed to provide licenses for virtual assets via the Dubai Virtual Assets Regulatory Authority, well-known cryptocurrency exchanges are moving their headquarters to Dubai (VARA).
As long as the correct regulations are followed, Dubai real estate will allow Bitcoin and other cryptocurrency transactions. The most popular cryptocurrency brokerage in Dubai and the rest of the UAE right now is Bitcoin Swiss (BTCS), which is also one of the top choices for foreigners wishing to invest in real estate in the region.
Investors may now use Bitcoin to buy villas, townhouses, and apartments in Dubai with Bitcoin Swiss supporting the transaction process in a secure, timely, and effective manner.
According to the Dubai-based business, the opportunity to buy crypto in real estate Dubai will give foreign real estate investors around the world ease and choice. This shift toward crypto-owning clients aims to hasten the transition to the new economy for younger people and the future of the sector.
Damac Properties announced selling real estate for the cryptocurrencies Bitcoin and Ethereum on April 27, 2022. As a result of this action, the real estate market will undergo a transformation, which will also benefit international investors.
Dubai is working to establish itself as a center for cryptocurrency. With the aid of crypto-friendly policies, the emirate is also pushing other virtual assets. Here are some of the best platforms for exchanging crypto in Dubai real estate.
Bybit
On the same day that Crypto.com said it would open a regional hub office in Dubai, cryptocurrency exchange Bybit revealed on Monday that its headquarters would be moving there from Singapore. The developments coincide with the implementation of new legislation in Dubai, which aims to establish the emirate as a global hub for crypto assets and related fields like the metaverse.
According to a statement from the company, Bybit has been given preliminary licence to operate a “whole spectrum” of virtual asset enterprises in Dubai. Its new headquarters should start functioning as early as April.
Ben Zhou, co-founder and CEO of Bybit, said, “Bybit looks forward to contributing to the virtual assets innovations of the emirate’s booming economy and having our global headquarters in Dubai. “This in-principle permission represents a once-in-a-lifetime chance for Bybit to support the United Arab Emirates and the region’s aspiration to become a worldwide virtual assets technology hub,” says the company.
Crypto.com
According to Crypto.com, the company wants to have a “major footprint” in Dubai. The business, which had its beginnings in Hong Kong but later relocated its headquarters there, also announced that it will be beginning a significant hiring drive soon. In the same time frame, spot and futures deals on Crypto.com, which launched in 2016, totaled more than $5 billion.
The business intends to have a “strong footprint” in Dubai, according to Crypto.com. The company, which started in Hong Kong but later moved its headquarters there, also disclosed that it would soon start a significant hiring drive. The same period saw more than $5 billion in spot and futures transactions on the 2016-launched website Crypto.com.
Bybit and Crypto.com are two of the top platforms in the cryptocurrency industry. The two companies’ disclosures come after Dubai approved a new law in early March that governs virtual asset operations, including trading and custody services.
Binance
The United Arab Emirates’ effort to establish itself as a leading cryptocurrency hub has drawn many crypto platforms and real estate investors to opt for this new digital exchange. It has already attracted organizations like Binance, the biggest cryptocurrency exchange in the world, which received a license in the middle of March to run its regional operations out of Dubai.
Bitcoin and fiat money may be readily deposited and withdrawn from Binance. Users can make purchases using credit or debit cards, P2P transfers, cash balances, third-party payment options, or cash balances if they do not yet have a cryptocurrency that is compatible with Binance. To external wallets, users can withdraw cryptocurrencies that are compatible with Binance. Fiat money can also be withheld on the Binance platform. Here are a few steps on how to withdraw cryptocurrencies using Binance.
- Choose “Cash” from the “Wallet” drop-down menu to withdraw cryptocurrency.
- Choose the cryptocurrency wallet from which you wish to withdraw money, then click “Withdraw.”
- Pick the recipient’s BTC address from the drop-down option.
- Pick a network for the transmission.
- Type the quantity of cryptocurrency you wish to withdraw and click “Send.”
- Go to the withdrawal page and click “Add withdrawal address” if you haven’t added recipient addresses using “Address Management”. Consider scanning the QR code whenever you can.
FTX
According to Helal Saeed Almarri, director general of the Dubai WTC Authority, the MVP programme is intended for secure and sustainable growth in Dubai, and the Virtual Asset Regulatory Authority (VARA) of Dubai gave the operating license to FZE under it. The FTX FZE exchange is currently in the test phase of operations, with an emphasis on offering various crypto services.
With the license, FTX FZE is authorized to offer qualified institutional investors regulated crypto derivatives products and trading services. The exchange is also capable of serving as a clearing house, running a nonfungible token (NFT) market, and offering custodial services in the area.
Soon after the authorities approved the virtual assets law and formed the Dubai VARA in March 2022, FTX was the first to receive Dubai’s virtual asset exchange (VAX) license. The regulatory authorities in Dubai also granted the cryptocurrency exchange OKX a provisional license so that it can offer further services to local investors and financial service providers.
Conclusion
This year, the use of cryptocurrencies has advanced quickly in Dubai and the rest of the UAE. Despite not being accepted as legal tender in the UAE, Bitcoin and other cryptocurrencies are accepted for trade in a number of sectors, including real estate. It offers investors a fantastic opportunity to buy crypto in real estate Dubai. Homebuyers can now easily buy ready and off plan properties using crypto.
