CryptoMediaClub
Wednesday, July 30, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

Dubai Tightens Regulations on Cryptocurrency Usage in Property Purchases and Retail Transactions

17.08.2023
A A
0
122
VIEWS
ShareShare

Dubai, a global financial hub known for its innovative approach, is reinforcing regulations concerning the use of cryptocurrencies, such as Bitcoin, in property purchases and other retail transactions. As Dubai introduces stricter guidelines for virtual asset usage, consumers engaging in such transactions are now benefiting from increased protection and compliance standards.

“To ensure compliance, businesses and individuals should understand the new guideline specifics for crypto usage in these contexts (in B2C transactions),” emphasized Niraj Jain, UAE Practice Lead at Indigenesis Consulting. He further emphasized the importance of aligning with the Financial Action Task Force (FATF) standards on anti-money laundering and counter-terrorism financing (AML/CFT).

In essence, individuals and businesses using cryptocurrencies for transactions must adhere to stringent requirements similar to those applied in traditional banking transactions. Whether it’s purchasing a hotel stay or buying a cup of coffee using Bitcoin or other cryptocurrencies, the responsibility lies with the involved parties to ensure all necessary compliance measures are met.

Dubai’s Virtual Asset Regulatory Authority (VARA) is intensifying compliance procedures and extending the coverage of its rules. In collaboration with the Dubai Department of Economy & Tourism (DET), VARA is deploying comprehensive processes to ensure robust consumer protection and security standards in virtual asset transactions across the mainland and free zones.

The aim is to establish full transparency within businesses handling virtual assets. Regulators are focused on enhancing existing rules and regulations as needed. Bal Krishen, Chairman and CEO of Century Financial, stated, “The DET and VARA guidelines aim to regulate and provide an overall framework for Virtual Asset Service Providers.”

These guidelines extend their scope beyond investors trading through licensed platforms. Entities eligible for a regulated Full Market Product (FMP) License are expected to transition to a VARA-regulated regime by August 31. The guidelines provide specific and practical directives on utilizing virtual assets across various transaction categories.

Dubai’s Department of Economy & Tourism (DET) will incorporate VARA’s activities into its systems for all virtual asset license issuance. It will handle inspections and support VARA with on-site enforcement, including penalties for negligence or non-compliance with VARA rules.

The collaboration ensures a seamless customer experience, bolstered by the Dubai Corporation for Consumers Protections & Fair Trade department within DET. This upgrade in expertise will enhance consumer protection in the virtual asset space, fostering a safer environment for individuals and businesses alike.

In a statement issued by VARA, it was highlighted that both parties will work together on awareness campaigns for VARA product and licensing updates, data-sharing protocols, and legacy onboarding. This collaboration underscores Dubai’s commitment to creating a pro-business and pro-growth environment for all stakeholders involved in the rapidly evolving virtual asset landscape.

The post Dubai Tightens Regulations on Cryptocurrency Usage in Property Purchases and Retail Transactions appeared first on BitcoinWorld.

Share9Tweet6ShareSharePin2

Related Posts

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei
Blockchain

Ondo Finance Unleashes Revolutionary Tokenized US Treasuries on Sei

18.07.2025
0

Skip to content

Read moreDetails
Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

Hashed stablecoin: South Korea’s Crypto Giant Unveils Bold Trademark Play

17.07.2025
LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

LA Token’s Strategic Move: Lagrange Foundation Considers Crucial Buyback for Price Stability

14.07.2025
Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

Shocking Loss: Crypto Influencer Accidentally Burns $75K in PUMP Token

14.07.2025
Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

08.07.2025
Load More
Next Post
Binance Delists Two Dogecoin (DOGE) and Litecoin (LTC) Pairs Amid SEC Regulatory Conflict

Binance Delists Two Dogecoin (DOGE) and Litecoin (LTC) Pairs Amid SEC Regulatory Conflict

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

WhiteBIT Launches Visa Crypto Debit Card in Europe

WhiteBIT Launches Visa Crypto Debit Card in Europe

7 months ago
Web3 zombie apocalypse is here: Last Remains joins Cointelegraph Accelerator

Web3 zombie apocalypse is here: Last Remains joins Cointelegraph Accelerator

2 years ago
Prime Buying and selling AI Agent MIND of Pepe Ends Funding Stage in 15 Hours

Prime Buying and selling AI Agent MIND of Pepe Ends Funding Stage in 15 Hours

5 months ago
Evan Weiss, COO at Alluvial, on Liquid Staking, the ETH ETF, and the Future of DeFi and Staking | Ep. 357

Evan Weiss, COO at Alluvial, on Liquid Staking, the ETH ETF, and the Future of DeFi and Staking | Ep. 357

12 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

South Korean Central Bank Unveils New ‘Cryptoassets Department’

Crypto Price Prediction Today 29 July – XRP, Cardano, Shiba Inu

ChatGPT’s 28-Indicator XRP Analysis: 95% ETF Odds Ignite Battle Over $3.11 Support Line

StanChart predicts corporates will control 10% of Ethereum supply over time

Billionaire Calls for Buying More Bitcoin as U.S. Debt Spirals – Best Wallet Automates the Strategy, ICO Hits $14.3M

SharpLink Secures 438K ETH, Spending $290M in Weeklong Buying Spree

Trending

Revolut Mulls Buying US Bank to Fast-Track American Licence: Report
All news

Revolut Mulls Buying US Bank to Fast-Track American Licence: Report

30.07.2025
0

Digital banking giant Revolut is reportedly exploring the purchase of a US bank as it seeks to...

China’s DeepSeek AI Predicts the Price of XRP, Dogecoin and Solana by the End of 2025

China’s DeepSeek AI Predicts the Price of XRP, Dogecoin and Solana by the End of 2025

30.07.2025
BlackRock says clear US rulebook turns stablecoins into payment method of the ‘future of finance’

BlackRock says clear US rulebook turns stablecoins into payment method of the ‘future of finance’

30.07.2025
South Korean Central Bank Unveils New ‘Cryptoassets Department’

South Korean Central Bank Unveils New ‘Cryptoassets Department’

30.07.2025
Crypto Price Prediction Today 29 July – XRP, Cardano, Shiba Inu

Crypto Price Prediction Today 29 July – XRP, Cardano, Shiba Inu

30.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz