Is bitcoin legal in the United Arab Emirates?
Although bitcoin and cryptocurrencies aren’t considered as legal tender by the Central Bank of the United Arab Emirates, the people of the UAE are completely free to buy, sell, and trade bitcoin and cryptocurrencies. Though unfortunately, it is prohibited to use bitcoin for payments.
This applies whether you’re from Dubai, Abu Dhabi, Sharjah, Al Ain, or whatever city in the United Arab Emirates.
Has bitcoin been banned in the United Arab Emirates in the past?
No ❌. There hasn’t been a total bitcoin ban in the United Arab Emirates in the past, but using bitcoin and cryptocurrencies for payments are prohibited.
Where can I buy or sell bitcoin in the United Arab Emirates?
You can buy or sell bitcoin on free and reputable platforms such as LocalBitcoins using your preferred currency and preferred payment method.
Though LocalBitcoins is a great platform, always make sure to only transact people with high feedback scores, and with a good number confirmed number of trades.
Where can I trade cryptocurrencies in the United Arab Emirates?
If you’re planning on trading other cryptocurrencies besides bitcoin, like Ethereum (ETH), Ripple (XRP) and Litecoin (LTC), or whatever your favorite cryptocurrency is, you can do so through secure and reputable platforms like Binance.
Where do I store my bitcoin and cryptocurrencies?
On the other hand, if you have a good amount of your money invested in bitcoin and cryptocurrencies, we heavily suggest storing your funds on a good hardware wallet for your funds to be as secure as possible.
Please take the security of your funds seriously. For more information on bitcoin and cryptocurrency wallets in general and how secure or unsecure they are, please refer to CryptoSec’s definitive guide to bitcoin & cryptocurrency wallets.
Take note that while you can make a lot of money by trading and investing in bitcoin or cryptocurrencies, you could also lose a lot of money. Bitcoin and cryptocurrencies are heavily volatile assets in terms of price so trade with caution.
There are a lot of scams in the bitcoin and the cryptocurrency space due to the pseudonymous nature of most if not all cryptocurrencies. Always think twice when sending in money, typing in your login credentials on websites, and when responding to unsolicited messages.
We heavily suggest learning about bitcoin & cryptocurrency scams to prevent yourself from falling for them.