Connect with us

Business

New rules for UAE real estate industry for property bought with cryptocurrency

Published

on

UAE-homes-crypto
Spread the love

The Ministry of Economy (MoE) and the Ministry of Justice (MoJ), in partnership with the UAE Financial Intelligence Unit (FIU), have announced the introduction of new reporting requirements aimed at certain real estate transactions.

The UAE is one of the first countries to implement such a mechanism for real estate transactions involving virtual assets, marking the latest example of the UAE’s global fight against money laundering and terrorist financing.

All real estate agents, brokers, and law firms are obliged to file reports to the FIU for purchase and sale transactions of freehold real estate properties in the UAE that include any of the below three methods of payment, whether for a portion or the entirety of the property value:

  1. Single or multiple cash payment(s) equal to or above AED 55,000
  2. Payments that include the use of a virtual assets
  3. Payments where the fund(s) used in the transaction were derived from a virtual asset.

The reporting mechanism requires real estate agents, brokers, and law firms to obtain and record the identification documents of the parties to the applicable transaction, among other relevant documents related to the transaction.

The rules apply to both individuals and corporate entities that are parties to the above real estate transactions.
The relevant private sector entities have been informed about the specific requirements in regulatory circulators issued by the MoE and MoJ.

Additionally, to ensure preparedness, UAE authorities have collaborated to host three separate workshops with real estate agents and brokers, as well as law firms, helping to guide them through the new reporting requirements and enhance their familiarisation with the FIU’s anti-money laundering system. The MoE and MoJ apply a proactive, risk-based supervisory approach in line with UAE legislation and the international standards set by the Financial Action Task Force (FATF).

Cryptocurrency terms in the UAE

According to real estate agency OPR, though you can buy real estate with cryptocurrency, it is impossible to pay with it directly. According to the requirements of the UAE Central Bank, all transactions outside the territory of the state must be carried out using the national currency – the dirham (AED).

In this case, it is necessary to transfer the digital currency to the account of the trading company and then get a cheque for the agreed amount of money. Only then can you pay for the purchase.

How to buy and from whom to buy with your virtual assets

FAM Properties has tied up with Singapore exchange company Huobi to facilitate such transactions while Binance and other cryptoexchanges have set up bases in the UAE.

The most well-known Dubai developers are ready to offer real estate to cryptocurrency holders. Among them are Emaar Properties, DAMAC Properties, Select Group, Dubai Properties, Meraas, Fam Properties and MAG Lifestyle Development. But an important condition is the co-operation with only licensed real estate agencies, brokers and trading companies with an impeccable reputation.

Dubai-real-estate

Emaar Beachfront is one of the properties you can buy with cryptocurrency.

The following projects have been listed as of December 2021 that can be bought with cryptocurrency, although the list has widened much more since:

  • Emaar Beachfront by Emaar Properties, located between the Palm Jumeirah and Mina Seyahi
  • Bulgari Residencies, located on Jumeirah Bay Island, is a complex by Meraas
  • Port De La Mer, also by Meraas, in Jumeirah 1 area
  • Cavalli Tower, a project by Damac Properties, on Dubai Marina

Announcements

Self.space puts the power of photography in your hands

Published

on

Spread the love

Forget Snow White’s mirror — this one doesn’t compare, doesn’t critique, and answers only to you. Introducing self.space, a revolutionary sealed-room mirror photography studio that’s as private as your thoughts and as flattering as your best angle.

In a region where modesty and privacy are deeply valued, self.space is reimagining the photoshoot experience. No photographers. No spectators. No pressure. Just you and a smart mirror, inside a sound-insulated, self-directed studio designed for complete comfort and control.

Traditional photoshoots can feel intimidating — unfamiliar surroundings, judgmental eyes, and the pressure to perform. self.space changes that. Walk into a sleek studio, close the door behind you, and watch the privacy light switch on. Now it’s just you — free to pose, express, and capture your image on your terms.

“We found that people reject photos not because they lack beauty or talent — but because tension stays on their faces,” say co-founders Mitia Muravev (Founder & CEO) and Peter Bondarenko (Founder & CPO). “That tension is stronger in the Arab world, where privacy and modesty are part of daily life.” Mitia drives the brand’s vision and partnerships, while Peter leads the tech — from embedded cameras and edge AI to full-stack infrastructure. Together, they’ve created more than a photo studio — they’ve packaged confidence.

How it works:

  1. Walk in – Door closes, privacy light turns on.
  2. Capture – Use the remote to take unlimited shots.
  3. AI Perfects – Instant, natural-looking touch-ups preserve your true look.
  4. Gallery Ready – A secure link to your encrypted gallery is sent to your phone before you leave.

Whether you want professional portraits, personal mementos, or a quiet moment of self-reflection, self.space offers something rare: a private, pressure-free space to simply be yourself — and love what you see.

Continue Reading

Business

UAE banks to ditch OTPs via SMS and email starting Friday: Here’s what you need to do

Published

on

Spread the love

Starting Friday, July 25, UAE banks will begin phasing out those familiar one-time passwords (OTPs) sent via SMS and email. Instead, you’ll need to verify all your financial and online transactions, including transfers within and outside the country, directly through your bank’s mobile app.

The change is part of a Central Bank of the UAE directive aimed at boosting digital banking security and making things smoother for customers.

According to an official circular, banks have been instructed to shift entirely to in-app authentication, requiring customers to enable the feature through their mobile banking applications.

The document notes: “Based on instructions from the Central Bank of the UAE, please note that the receipt of one-time passwords via text messages or email will be gradually phased out. Customers can now complete electronic transactions with ease via the smart application by selecting the ‘Authentication via App’ feature.”

So, if you haven’t already, it’s time to update your banking app and get familiar with app-based authentication, no more scrambling for SMS codes, and a whole lot more security.

Continue Reading

Business

No more cash, no more queues: Dubai goes digital for cargo payments

Published

on

Spread the love

If you’ve ever dealt with the back-and-forth of cargo payments, this news might make your day. Dubai-based Emirates SkyCargo has partnered with digital logistics payment platform PayCargo to introduce faster, smoother, and cash-free payment options to the UAE’s freight industry, eliminating delays and manual paperwork.

Digital payment platform PayCargo has officially launched operations in the UAE, and Emirates SkyCargo is the first carrier in the country to sign up. The move brings a new era of convenience for cargo customers, who can now make instant online payments via credit card or direct debit, and enjoy same-day or next-business-day cargo release.

The partnership marks a key step in replacing traditional manual systems, like cash payments and physical paperwork, which still dominate many freight operations across the region.

 “Our goal is to provide customers with a reliable, efficient, and time-saving alternative to outdated systems,” said Eduardo Del Riego, President and CEO of PayCargo.”

The launch follows PayCargo’s strategic tie-up with Seed Group, part of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, which helped the US-based firm establish a footprint in the Middle East.

It also aligns with the UAE’s broader push to become a global leader in digital infrastructure and smart logistics. With Emirates SkyCargo on board, PayCargo’s entry sets the tone for a more connected, tech-enabled freight future in the region.

Continue Reading

Popular

© Copyright 2025 HEADLINE. All rights reserved

https://headline.ae/