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UAE investors will soon be able to trade cryptocurrencies in dirhamswww.thenationalnews.com/business/money/2022/07/18/uae-investors-will-soon-be-able-to-trade-cryptocurrencies-in-dirhams/
65 sats \ 4 comments \ @KenyaCoin 28 Jul 2022 bitcoin
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10 sats \ 0 replies \ @KenyaCoin OP 28 Jul 2022
Cryptocurrency investors in the Emirates currently have to use banks or other third-party providers outside the country to fund their trades, often incurring high foreign exchange rates and fees, longer lead times and making them subject to overseas jurisdiction asset governance, Kraken and RAKBank said on Monday.
“Investors in the UAE will soon be able to directly participate and invest in the crypto market,” said Benjamin Ampen, managing director for Kraken Mena.
In April, Kraken secured a regulatory licence from the ADGM to operate in Abu Dhabi, while Binance, the world’s biggest cryptocurrency exchange, received in-principle approval to operate as a broker-dealer in virtual assets in the capital.
About 21 per cent of UAE respondents to the survey, which polled 20,000 people in 18 countries, said they also intend to trade in cryptocurrencies in the next 12 months, the highest globally after Indonesia and India.
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25 sats \ 1 reply \ @TheBTCManual 28 Jul 2022
I wonder if this will be subject to any tax, if not degens will be flocking to dubai to trade shitcoins and NFTs and get themselves rekt
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0 sats \ 0 replies \ @KenyaCoin OP 28 Jul 2022
UAE finally letting a domestic bank be used for BTC/AED trading is a huge step forward for them. Kraken does KYC, of course, so regulators should be satisfied.
As far as tax, ... UAE doesn't have any capital gains taxes.
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10 sats \ 0 replies \ @KenyaCoin OP 28 Jul 2022
Here is the press release by the bank:
RAKBANK will become the first UAE bank to enable Kraken to offer transparent, efficient, dirham-based digital asset trading to their customers, as the UAE takes strides to achieve its vision of becoming a global virtual asset hub. https://rakbank.ae/wps/portal/retail-banking/about-us/press-releases?id=%22RAKBANK%20and%20Kraken%20to%20Offer%20UAE%27s%20First%20AED-Denominated%20Virtual%20Asset%20Trading%22
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