Frequently asked questions
Bitcoin is available to UAE residents via exchanges. These are networks of traders who can buy and sell their currency at fixed prices. Every exchange has particular advantages and drawbacks, and many of them are based in the UAE. It’s worth comparing them with the help of Cryptoradar before you invest in Bitcoin.
In the UAE, cryptocurrency is something of a legal grey area. This can be especially so if you’re operating from one of the country’s many ‘Free Zones’, where the regulatory environment is slightly different. If you’re uncertain about your tax obligations, it’s best to have an accountant to hand.
Most exchanges in the UAE will demand a small deposit before they allow you to buy bitcoin in the UAE, typically in the region of a few hundred AED. This may require an Emirati bank account.
In contrast with many other nations, the UAE actually supports bitcoin and other cryptocurrencies, most notably through free zones set up to attract crypto-related business to the country. This has lent many traders to be optimistic about the prospects for crypto in the region.
Depending on the exchange you’re using, you may have to first swap your Dirham for another currency, like the US dollar, before you are able to invest in Bitcoin. This will incur an additional fee, so make sure you account for this when making a decision about which exchange to use. This is a major point in favour of using a local exchange.
Bitcoin is the first decentralized digital currency and the leading cryptocurrency worldwide. Bitcoin serves as a store of value and is therefore often referred to as digital gold. Read our guide on Bitcoin to learn more about this cryptocurrency.
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