Real estate agents are responsible for reporting to the regulator any real estate transaction paid for by cryptocurrency, the government of the United Arab Emirates (UAE) said in a statement yesterday.
With the entry of many crypto giants vying for influence in Dubai and Abu Dhabi, a number of real estate organizations in this area have announced that they are starting to accept payments in cash. Bitcoin (BTC) and Ether (ETH). Unfortunately, the move caused the government to step in, even though the transaction was for a fraction of the value of a home.
The new rules will help to radically curb manipulation as well as illegal practices that have a negative impact on the country's working environment and investment economy, said UAE Economy Minister Abdulla bin Touq. Al Marri commented.
Brokers, agents and law firms are required to report to the Financial Intelligence Unit, the organization responsible for tracking dirty money, and similar action is required for buyers who need to make a transaction. cash from 55,000 AED (about 15,000 USD).
Back in May, the UAE minister called for stopping "crime" in metaverse because the nature of this space allows people to commit crimes in ways that are not acceptable in real life such as "murder", "terrorist bombing", etc.
The UAE government established the Dubai Virtual Assets Authority (VARA) in March to develop a regulatory framework for cryptocurrency in Dubai. Since then, there have been more than 1,000 companies in the field blockchain and metavsense has "migrated" here. VARA has granted or renewed licenses for several platforms cryptocurrency top like Binance, Crypto.com, Huobi and OKX. Another significant effort by the government of this country is the risky plan to set up a simulation headquarters in the world of The Sandbox.