Dichotomizing Cryptos into Dubai Real Estate
Significant Growth of Global Cryptocurrency Markets
The Dubai property market remains divided over buying and selling transactions through crypto-assets. This asset class to:
- Function as a store of value and as a medium of exchange.
- Applied as a mode of payment in the mainstream commercial environment.
- Opens Up a New Segment for Buyers
- Higher transaction speed.
- Shorter settlement cycle.
Prominent Figures, Views & Facts on Cryptocurrency
- Realty transactions by accepting Dogecoin as a payment option for its upcoming residential project in Jumeirah Village Circle.
- Dubai government-owned licensing solutions service, started accepting cryptocurrencies in February as a payment option for trade licenses and visa fees.
- Need to change it to a mainstream currency for paying the contractors, suppliers or brokers.
- Lag between the property transfer and conversion of crypto to local currency if the crypto dropped in value
- Exchange for crypto, carry a huge risk of loss even to the extent of a project.
Role of Regulatory Affairs
- A memorandum of understanding was signed by the Securities and Commodities Authority, which saw businesses dealing with crypto assets gain access to licenses offered by the DMCC Crypto Centre.
- A regulatory framework, Dubai Multi Commodities Centre (DMCC) is established for businesses offering, issuing, listing, and trading crypto assets.
- Dubai Airport Free Zone Authority signed an agreement with the SCA to support the regulation, offering, issuance, listing and trading of crypto assets within the free zone.
Entertain cryptocurrency as a mainstream payment in the real estate market as it is for us.