|posted: 7/14/2021 at 4:52:19 PM ET|
Is Crypto Currency Trading legal in the United Arab Emirates? This is a question that is asked by many people considering the ease with which one can make money on the Internet. For one, it is true that trading of currencies is very popular in UAE and other UAE nations such as Dubai and Abu Dhabi. However, there are laws which govern this business. And one thing that is true is that, one cannot earn huge amounts of money by buy bitcoin in Dubai. But, here, I will be talking about the possible advantages and disadvantages of undertaking such activity.
There are two types of currency trading activities that you can undertake in UAE: direct and indirect trading. In direct trading, you trade the currencies in your own country while in indirect trading you take help from a foreign currency trader or agent who is located in another country. In either case, you have to make all decisions alone.
It is important to note that you will face some legal issues and difficulties if you are an individual trader. Firstly, you need a UAE national ID to start your business operations. If you want to bring other people into your business, you need to have a UAE partnership license. This is necessary, as otherwise, you could be barred from doing business in the country. In addition, you will be required to secure a certificate of registration and banking accounts with the Dubai financial affairs department.