Business
Dichotomizing Cryptos into Dubai Real Estate
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.
Cryptocurrency
- Opens Up a New Segment for Buyers
Demands
- 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.
