![]() Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. ![]() Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at if you have any questions. Still, it is vital to research all the risks associated with cryptocurrencies before buying Bitcoin or altcoins in Dubai. Blockchain companies are also allowed to open bank accounts.ĭubai residents are fortunate enough to participate in crypto trading while being protected by regulators, unlike in most cities where crypto regulations have not been implemented. Moreover, they facilitate bank transfers to crypto exchanges. They allow them to buy cryptocurrencies using their credit/debit cards. Are Dubai-Based Banks Cryptocurrency-Friendly?īanks in Dubai do not fail crypto traders and investors. Rixos Premium Dubai Hotel was the first to install a Bitcoin ATM in 2019, allowing Bitcoin holders to convert their digital currency into cash instantly. ![]() Yes! As a crypto-friendly city, Dubai hosts several Bitcoin ATMs. □ Also read: Matr1x Game Nets $10Million in A-2 Funding Round Led by Folius VenturesĬold wallet options include Trezor and Ledger Nano, while recommended hot wallets are Exodus, Electrum, Wasabi, Cobo, and OPOLO. The former lets you store your BTC offline, while the latter provides online storage for Bitcoin. There are two types of non-custodial wallets: Cold and hot wallets. To mitigate this risk, you need to find a non-custodial wallet that gives you complete control over your Bitcoin. So, in case it goes under, you may lose your digital currency. That’s because a centralized crypto exchange maintains the keys of your wallet on your behalf. Which Bitcoin Wallet Should You Use in Dubai?Īs the popular saying goes, “Not Your keys, Not Your Crypto,” it is not advisable to leave your BTC in an exchange account after buying it. It is worth highlighting that one of the biggest brokerage firms, eToro, which allows users to trade Bitcoin, has a presence in Dubai. Among the most reputable cryptocurrency exchanges operating in Dubai include Binance, Bybit, OKX, and HTX. Which Leading Exchanges Operate in Dubai?Īs mentioned earlier, the clear regulatory framework put in place by Dubai’s financial regulators has attracted a number of top crypto companies, including exchanges, in the city. Most exchanges serving Dubai residents allow them to fund their accounts with dirhams, which they can use to purchase Bitcoin. Deposit Funds and Buy BTCĪfter verifying your exchange account, you will be given access to various payment methods so that you can deposit funds. To do this, submit your ID card, proof of residence, and a selfie. However, in order to begin trading crypto assets, any regulated crypto exchange will require you to verify your account. Setting up an account with any exchange starts with providing basic information like your email or phone number. □ Also read: Ripple CLO Commends Changpeng Zhao's Resolvement With US Dept. Let’s take you through the process of acquiring your first BTC while in Dubai. A Step-by-Step Guide to Buying Bitcoin in Dubaiīeing the most popular cryptocurrency, Bitcoin is supported by most crypto trading platforms operating in Dubai. So, is it legal to purchase BTC in Dubai? Yes! Although crypto assets are not licensed, there is no law that prohibits Dubai residents from buying Bitcoin or any other digital currency. The clear crypto rules adopted in Dubai have drawn the attention of several big crypto firms in recent years, which are now operating in the city. What’s more, traders here enjoy tax-free crypto trading. That makes sense, given that most crypto-native companies prefer holding conferences in Dubai. Is Dubai Crypto-Friendly?īlockchain enthusiasts have described Dubai as the most cryptocurrency-friendly city in the globe. But is it possible to buy Bitcoin (BTC) here? Are cryptocurrencies even legal in Dubai? Well, we have answers to these questions in this article.
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