UAE tightens crypto cash transactions

[sinos]

https://www.coindesk.com/policy/2022/08/08/uae-to-clamp-down-on-crypto-real-estate-money-laundering/
Will this affect Crypto OTC shops like Coinsfera and others? What will be the implications for cashing out crypto in Dubai? @Fred @rowena

The new law would also require brokers, agents and law firms to file reports to the Financial Intelligence Unit, which is responsible for tracking dirty money.

 

[Fred]

https://www.coindesk.com/policy/2022/08/08/uae-to-clamp-down-on-crypto-real-estate-money-laundering/
Will this affect Crypto OTC shops like Coinsfera and others? What will be the implications for cashing out crypto in Dubai? @Fred @rowena

As of today we can't see any changes with shops like Coinsfera.

The real estate dealings were the majority reason for getting FATF grey listed and indeed property purchase in UAE is wild west.

The issue is that the competition between the real estate agents is so big that they cross most likely very often the legal line just to close a deal and then do make cash transactions and/or crypto OTC on the clients behalf but then report ultimately to the property developer like Emaar that they have received funds by Wire Transfer etc.

I guess they are now cracking down on this practice to get rid of the FATF grey listing.

 

[troubled soul]

If you check Dubai land department data of property transaction,. They are crazy high.... unbelievable...before crypto phenomenon Dubai is in recession..crypto really save Dubai's dying property market.....just check the data....if they put hard law for this nobody going to buy Dubai property for sure....personal opinion.... criticism s are welcome

 

[Finshark]

If you check Dubai land department data of property transaction,. They are crazy high.... unbelievable...before crypto phenomenon Dubai is in recession..crypto really save Dubai's dying property market.....just check the data....if they put hard law for this nobody going to buy Dubai property for sure....personal opinion.... criticism s are welcome

You can always buy Manager Cheque for Crypto and use it for the payment. Cheap & Easy.

 

[JimBeam]

If you check Dubai land department data of property transaction,. They are crazy high.... unbelievable...before crypto phenomenon Dubai is in recession..crypto really save Dubai's dying property market.....just check the data....if they put hard law for this nobody going to buy Dubai property for sure....personal opinion.... criticism s are welcome

The number of properties bought with crypto in Dubai is probably single digit. But the trend is what they want to stop. On the other hand they have lowered the golden visa from 1M to 500k USD so anyone who buys properties worth 500k usd can obtain golden visa (permanent residency) and that's one of the biggest reasons the sales are rocking. On top of COVID and UAE war thing that made people thing or flee these areas in search for safer place to live.

 

[backpacker]

If you check Dubai land department data of property transaction,. They are crazy high.... unbelievable...before crypto phenomenon Dubai is in recession..crypto really save Dubai's dying property market.....just check the data....if they put hard law for this nobody going to buy Dubai property for sure....personal opinion.... criticism s are welcome

Your post suggests that the Dubai property market is in a bubble. As soon as crypto investors turn away the market would collapse.
Seems pretty fragile over there and quite a bad time to invest in local real estate.
How long do you give that market till it implodes?

 

[JimBeam]

"In Dubai, prime prices grew by 4.7% during the first half of the year and the city is forecast to see strong capital growth continue for the remainder of 2022. Aided by the inflow of high net worth individuals and the success of its Golden Visa scheme, the UAE is predicted to receive 4,000 millionaires relocating to the country in 2022, four times the pre-pandemic norm of 1,000 per annum, according to Henley & Partners. Dubai continues to channel investment into the city’s infrastructure, improving its leisure and tourism offering with the aim of retaining and attracting talent and businesses."

Dubai is not going to implode at least not at this moment. It still has room to grow:
https://prnt.sc/9YXqi7mKR81-
But buying at these prices (or at this moment) may include some short terms risk:
https://prnt.sc/0qi54NsKfxzd

 

[backpacker]

But buying at these prices (or at this moment) may include some short terms risk:

Indeed, that market looks pricey. And all build on a relatively small group of investors (HNWI) ....
Not sure if that is sustainable for a comparetively large local property market.