Dubai is establishing itself as a leader in the cryptocurrency industry through innovative regulation, alignment with Shariah principles, and a welcoming immigration policy, creating a trusted and inclusive ecosystem for digital assets.
A Global Blueprint for Hybrid AML Enforcement
Recent regulatory changes in the UAE have been introduced to provide stricter requirements for crypto transactions associated with real estate to prevent money laundering. Authorities have implemented new rules requiring all crypto transactions to be conducted through licensed virtual asset service providers, including comprehensive KYC checks and source-of-funds verification.
Where Faith Meets Finance
In the MENA region, the success of cryptocurrency depends on compliance with Islamic principles. Islam holds sway over a large segment of the market, necessitating businesses to adhere to Sharia law. Various projects have already showcased how digital assets can serve as both innovative financial instruments and Sharia-compliant investments.
Welcoming Founders: A Policy for People
Dubai also offers immigration incentives for business founders, attracting global talent. The Golden Visa program allows entrepreneurs who have established startups to gain long-term residency, contributing to the growth of Web3 startups in the area.
Thus, Dubai not only regulates cryptocurrencies in a flexible manner but also provides conditions for their further growth through the combination of religious norms and immigration policies, making it a unique space for digital assets.
