Cryptocurrency Q&A
What are the rules for cryptocurrency in UAE?｜Since the issuance of Federal Cabinet Decision No. 111 of 2022 on the regulation of virtual assets and their service providers, no person has been permitted to engage in virtual asset activities in Onshore UAE without first obtaining approval and a license from the SCA or a local licensing authority.
What are the rules for cryptocurrency in UAE?｜Since the issuance of Federal Cabinet Decision No. 111 of 2022 on the regulation of virtual assets and their service providers, no person has been permitted to engage in virtual asset activities in Onshore UAE without first obtaining approval and a license from the SCA or a local licensing authority.
Alessandra
Fri Jun 07 2024
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5 answers
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Could you please elaborate on the rules governing cryptocurrency in the United Arab Emirates? I understand that following the Federal Cabinet Decision No. 111 of 2022 regarding the regulation of virtual assets and their service providers, it is mandatory for individuals to obtain approval and a licence from the Securities and Commodities Authority (SCA) or a local licensing authority before engaging in any virtual asset activities within the Onshore UAE. Could you provide further details on the specific requirements and procedures involved in obtaining these licences? Additionally, are there any specific restrictions or limitations on the types of cryptocurrencies that can be traded or held within the UAE?
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Enrico
Sun Jun 09 2024
Cryptocurrency, a digital asset designed to work as a medium of exchange, has revolutionized the financial landscape. Its decentralized nature and secure encryption techniques have made it an attractive alternative to traditional currencies. The rise of cryptocurrencies has also spawned a new industry, attracting investors, entrepreneurs, and technology experts alike.
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SamuraiWarriorSoul
Sun Jun 09 2024
One key player in this industry is BTCC, a UK-based cryptocurrency exchange. BTCC offers a comprehensive range of services, catering to the diverse needs of its users. From spot trading to futures contracts, BTCC provides a platform for investors to trade cryptocurrencies securely and efficiently.
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BitcoinBaroness
Sun Jun 09 2024
In addition to trading services, BTCC also offers a wallet service. This secure digital wallet allows users to store their cryptocurrencies safely, protecting them from theft and unauthorized access. The wallet service is an essential component of the cryptocurrency ecosystem, enabling users to manage their digital assets with confidence.
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SakuraSmile
Sat Jun 08 2024
The rise of BTCC and other cryptocurrency exchanges has been fueled by the increasing popularity of cryptocurrencies. More and more individuals and businesses are recognizing the potential of digital assets as a viable investment option. The growing demand for cryptocurrencies has led to increased liquidity and market depth, making it easier for investors to trade and exchange digital assets.
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CryptoWizard
Sat Jun 08 2024
However, the cryptocurrency industry is not without its challenges. The volatile nature of digital asset prices, regulatory uncertainties, and the potential for fraud and scams are all issues that investors need to be aware of. BTCC and other exchanges are committed to providing secure and transparent services, but users must also exercise caution and due diligence when trading cryptocurrencies.
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