(MENAFN- America News Hour) Cryptocurrency is a growing trend, with the trading of bitcoin and altcoins becoming more prevalent. As a result, more businesses are becoming open to accepting cryptocurrency as payment. Moreover, some companies are integrating their payment and billing systems with crypto.
One region that is opening to the idea of a crypto-dominated space is the Middle East, especially Dubai. To buy crypto assets, Dubai is rapidly becoming a haven for crypto enthusiasts, developers, investors, merchants, and digital nomads.
The Dubai government is creating a solid regulatory framework to set the foundation for cryptocurrency adoption. Are you an investor looking to get ahead of the curve with crypto investments? Learn how to buy and sell crypto in Dubai below:
Understanding different payment methods for buying and selling crypto in Dubai There are different payment methods available for buying and selling crypto in Dubai. Here is a look at the other options available:
OTC Desk Over-the-Counter (OTC) trading is a system that allows consumers to acquire cryptocurrency outside of a traditional exchange. In addition, it's a platform for making cryptocurrency trades in privacy.
OTC trading supports a dynamic system of many crypto trading platforms where buyers and sellers can interact with one another. In most transactions, both parties are open to fair rates and terms. OTC traders have the advantage of hindsight, conjecture, and interactions to determine the optimal moments for making trades.
SIUD stands out as Dubai's top over-the-counter (OTC) trading platform. SIUD streamlines cryptocurrency transactions and enables buyers and sellers to transact without using a credit card. As a result, users in Dubai now have a place to go where they can buy and sell usdt in dubai on a crypto-friendly atmosphere.
Crypto Exchange When purchasing or selling cryptocurrency, it is highly suggested that you do so through a reputable cryptocurrency trading site. These platforms help match sellers and buyers. First, users must complete the KYC process. After authentication, they can open their account and begin transferring funds. Next, buy crypto assets that have a promising past and future. The more skillfully you evaluate cryptocurrency, the higher your return.
For example, Crypto Desk is a reliable crypto exchange platform where users can buy Ethereum or sell Ethereum. In addition, users can trade with up to 500 cryptocurrencies available on the forum.
Current regulatory framework for crypto in Dubai Over the past few years, UAE has continued taking strides in regulating the volatile nature of cryptocurrency. This crypto industry is a relatively new concept for the region. However, the need for business growth in the crypto space is ushering in a new path for crypto acceptance.
The Central Bank of UAE is yet to license cryptocurrencies as legal tenders. However, no restrictions remain against trading crypto assets on crypto exchange platforms such as Crypto Desk.
Moreover, Dubai's ruler, Sheikh Mohammed Bin Rashid, adopted the Virtual Assets Regulatory Authority (VARA). The main objective of the authority is to govern the growing crypto sector in the region. Also, he passed the Virtual Assets Regulation Law (VARL) to protect investors while regulating crypto in Dubai.
The DFSA is currently working on guidelines for cryptocurrency regulation. The guidelines include licensing of all cryptocurrencies. Anyone wishing to trade in crypto must obtain a license from the authority and have an address in Dubai or an office in its free trade zones. Moreover, the DFSA requires crypto exchange platforms to comply with KYC regulations.
There is no denying that the current regulatory framework in Dubai is changing in anticipation of a full-blown cryptocurrency splurge in the region. As a result, the government is moving towards a crypto-friendly environment.
Comparison of fees, limits, and features of popular crypto exchanges in Dubai Multiple crypto exchanges are available in dubai with different prices, limitations, and features. Here is a quick breakdown of popular crypto exchanges available in Dubai:
1. Crypto Desk Crypto Desk is a peer-to-peer platform that enables users to trade between people. The crypto exchange facilitates buying and selling cryptocurrencies in UAE for beginners and expert crypto traders.
The crypto exchange platform enables users to exchange from fiat to crypto and vice versa. In addition, it offers a platform where users can feel safe and secure while trading. The platform hosts over 500 different cryptocurrencies.
Moreover, the exchange platform allows users to place transactions at any time of the day while having orders fulfilled immediately.
2. Paybis Paybis is a popular crypto exchange platform that allows users to buy Bitcoin or sell Bitcoin with Skrill, credit, and debit cards simultaneously. Moreover, the platform offers 24/7 customer service that serves millions of users.
3. Kraken Kraken provides a primary interface and an advanced platform packed with various tools and features for expert traders. Currently, the exchange platform hosts over 65 coins. Moreover, the platform users get access to various internal security tools.
The best part about the exchange platform is that it has a fully operational license from the Abu Dhabi Global Market (ADGM) that regulates it. It also makes it possible to trade dirhams by using local bank accounts.
4. Alvexo The popular crypto exchange platform holds an operating license from CySEC. It is a commission-free trading platform that targets both novice and expert traders.
Cryptocurrency remains one of the leading investment options available on the exchange platform. Different trading activities are available on the platform ranging from stocks, bonds, indices, and Forex, among many more.
5. XCoin The cryptocurrency exchange platform was founded in 2016, letting users trade crypto online via a secure Visa, MasterCard debit, or credit card. The platform aims at providing a smooth and seamless trading platform for all users.
Short process of buying and selling crypto Below is a short process on how to either buy or sell crypto using a trusted and reliable crypto exchange platform such as Crypto Desk:
1. Contact customer service (WhatsApp/website)
Contact Crypto Desk's WhatsApp or their website when you want to buy or sell crypto.
2. Make an appointment
After inquiring, the head office will confirm the information and book an appointment at their offices.
3. Get your Cash or crypto alongside your KYC documents (EID or Passport)
The next step is accessing your cash or crypto with your KYC documents. It can either be your EID or passport.
These documents are essential in ensuring a smooth KYC process. Also, you need cash for the transaction itself. The amount varies depending on how much crypto you want to buy.
4. Visit our Office
Afterward, you must visit the Copy Desk's office during regular business operating hours with the documents or cash.
5. Make your transaction quick and easy
Lastly, you need to make your transaction to help complete your transaction quickly and easily.
Conclusion Dubai is currently on a mission to appeal to crypto enthusiasts with a new regulatory framework to oversee Dubai's crypto activities. Moreover, there are many ways to buy and sell crypto in Dubai. However, the according to sellusdindubai.ae most recommended methods include using a reliable crypto exchange in Dubai, such as Crypto Desk.