TThe UAE has no restrictions on cryptocurrencies because such transactions are implicitly regulated. As a result, residents can buy, sell, and invest in cryptocurrencies. Citizens of different emirates can also hold and invest in digital currencies. Dubai is a region that has achieved tremendous progress in adopting new technologies such as blockchain and digital currency.
In 2022, the Emirate of Dubai shifted its focus to explicitly regulating cryptocurrencies and other digital assets. The Virtual Assets Law governs all exchanges of digital assets, including cryptocurrencies like Bitcoin. The regulation is valid for virtual asset services offered across Dubai and its specific development areas and free zones, excluding the Dubai International Finance Centre. The proposed regulation includes legal definitions for digital assets, creates a licensing system, and outlines penalties for non-compliant operations.
Additionally, it established a regulator called the Virtual Assets Regulatory Authority (VARA). This unbiased regulator oversees, controls, and issues licenses for virtual currencies, NFTs, and other assets. The Virtual Assets Law defines the objectives and features of VARA. The new regulations aim to promote Dubai as a regional and global hub for virtual assets, enhancing its domestic and international competitive advantage.
They also seek to attract cryptocurrency companies, protect investors and traders, and prevent criminal activity.
The supply of BTC is a crucial factor in determining its price. Assets with low supply and high demand typically command higher prices. The supply of Bitcoin is well documented, as there will never be more than 21 million in existence.
Both retail and institutional investors have shown increasing interest in Bitcoin, leading to heightened demand due to expanded media coverage. This suggests that a growing demand will push Bitcoin's price higher. However, it still experiences price fluctuations.
The future of Bitcoin in the UAE appears promising. The country frequently hosts crypto conferences, and its regulations encourage participants to invest in cryptocurrencies. Furthermore, the UAE's Central Bank has announced plans to issue its first central bank digital currency (CBDC) by 2026, which will significantly impact the Bitcoin to AED exchange rate.
Crypto Desk stands out as the premier cryptocurrency exchange for trading and converting Bitcoin to AED. It is an excellent choice for straightforward Bitcoin trading in Dubai, whether you intend to trade frequently or acquire coins for holding.
Crypto Desk is your go-to place for buying USDT with cash in Dubai. Our Over-the-Counter (OTC) cryptoexchange allows you to buy and sell crypto currencies directly from us without any intermediaries or brokers. Withour instant settlement feature, you can exchange USDT for cash within minutes – making it the fastest andsimplest way to get USDT with cash in Dubai
All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. .
Bitcoin transactions are simpler to make than transactions by debit or credit card. Once your wallet is all set up, you’re ready to send your Bitcoin to another wallet and execute a transaction. All you have to do is click on the “Send” tab and input the recipient’s wallet address.
BTC Price Live Data (Last 24 Hour)
Bitcoin is climbing this week.
The current price of Bitcoin is AED 78,272.31 per BTC. With a circulating supply of 19,265,187 BTC, it means that Bitcoin has a total market cap of AED 1,507,252,171,151.58. The amount of Bitcoin traded has fallen by AED 7,873,112,785.07 in the last 24 hours, which is a 8.75% decrease. Additionally, in the last day, AED 89,990,437,754.10 worth of BTC has been traded.