The process to buy Bitcoin in Dubai is easier compared to other trillion-dollar economic states. The Dubai government actively welcomes cryptocurrencies and encourages technology innovators to come and invest in the city.
Bitcoin’s demand is growing worldwide, and now mutual funds and investment funds have started buying bitcoin. They are buying bitcoin to allow users of their platforms to invest in this digital gold. Larry Fink, the CEO of the world’s largest investment fund “Blackrock,” recently referred to Bitcoin as an international asset while speaking on a TV show.
Bitcoin and other cryptocurrencies demonstrate significant strength, anticipating trillions of dollars to flood the industry. This investment influx, expected over the next few years, underscores the robustness and potential of these digital assets.
Bitcoin’s popularity is surging in Dubai, with the demand increasing at a remarkable pace. This can be attributed to the influx of hundreds of cryptocurrency enthusiasts relocating to the city every week.
Given this context, it becomes imperative to consider safe and secure methods to buy Bitcoin in Dubai.
Cryptocurrencies, especially Bitcoin, are increasingly attracting investors’ attention. As a result, there is a growing demand for knowledge regarding regulated and secure methods to buy Bitcoin, particularly in Dubai.
Therefore, it’s crucial to understand key considerations before stepping into the digital era of Bitcoin.
Understanding the Regulatory Landscape
UAE stands out among the few countries that offer regulatory clarity for virtual assets, including digital currencies. Furthermore, Dubai actively encourages its citizens to conduct business using cryptocurrencies.
UAE and Dubai’s local government have been diligently working on regulations and updating policies in alignment with market directions. However, let’s focus on a singular platform that takes a comprehensive approach to regulation: VARA, the Virtual Asset Regulatory Authority.
VARA, an independent regulator, oversees virtual assets, encompassing cryptocurrencies like Bitcoin and non-fungible tokens (NFTs).
VARA is entrusted with the following objectives:
- Promoting Dubai as an international hub and strengthening its competitive advantage in digital economy development.
- Raising awareness about virtual asset services and encouraging investments in this sector.
- Attracting virtual asset companies to establish operations within the emirate.
- Developing regulations for entities engaging in virtual assets and mitigating illicit activities.
- Regulating and supervising all aspects related to virtual assets.
By pursuing these objectives, VARA aims to elevate Dubai’s position as a leading global destination for the virtual asset industry. Along with ensuring investor protection and effective oversight.
Dubai’s welcoming stance towards cryptocurrencies, as demonstrated by VARA’s activities, simplifies and legalizes the process. Making the regulatory landscape of Dubai highly attractive and easy to comprehend.
Choosing a Reliable Bitcoin Exchange in Dubai
To buy Bitcoin in Dubai, start by selecting a trustworthy local cryptocurrency exchange. Given that it’s 2023, you can choose from a variety of options, including Centralized and Decentralized Exchanges. Numerous platforms now enable cryptocurrency transactions, with Dubai’s current preference being ‘Over-the-counter’ (OTC) exchanges.
When buying Bitcoin in the UAE, you’ll find the process typically mirrors that of Dubai, its major city. Other states, including Abu Dhabi and Sharjah, also offer a selection of options.
Before you choose a cryptocurrency exchange in Dubai to buy Bitcoin, make sure to first verify its credibility. It’s an essential step.
In Dubai, crypto enthusiasts can purchase Bitcoin through centralized and decentralized exchanges using credit and debit cards. However, this method often falls short due to the unfavorable exchange rates provided by centralized crypto exchanges and the limited acceptability of all banking channels by decentralized exchanges.
The Peer-to-Peer (P2P) method, which requires a third party, also lacks favorability due to potential scams and frauds in the crypto markets. Currently, the most secure and popular method to buy Bitcoin in Dubai is via Over-the-Counter (OTC) platforms, with Crypto Desk being the most trusted and widely used.
Operating under proper registration and licensing, Crypto Desk has served the UAE for several years and is planning expansion into other countries.
Some notable advantage of Crypto Desk as an OTC platform:
- Transparency in transactions.
- No involvement of third parties.
- Ensuring that you always know who you’re dealing with.
- The exchange is registered and licensed by the authorities.
- The entire process takes just a few minutes to complete.
How do I need to buy Bitcoin at a crypto exchange in Dubai?
The process becomes simple once you have filtered out the best crypto exchange in Dubai to buy Bitcoin. Afterward, it primarily takes just a few minutes. It is inherent in human nature that when a person is provided with the best services, they tend to use that platform repeatedly.
This is the main reason why Crypto Desk is gaining significant attention in the space and trading millions each day.
Now, let’s delve into the basic steps:
Check live rates
Open the website and book your appointment through WhatsApp or Telegram. Navigate to the Crypto Market page where you can find live exchange rates of 600+ cryptocurrencies against AED.
The page includes a calculator that enables customers to conveniently convert their desired quantity of cryptocurrencies to AED.
Visit the crypto exchange physically
The next step involves walking into the office at the given time.
A few basic steps include:
- Ask for your requirements.
- Present your Emirates ID or passport.
- Finalize your deal with the best possible rates.
Pay the amount and get your Bitcoin
Make your payment through cash or bank transfer and receive your Bitcoin into your wallet within a few minutes. The entire process will take 15-30 minutes, depending on whether you have cash on hand.
Conclusion
Buying Bitcoin in Dubai has become easier and more secure thanks to registered and convenient platforms like Crypto Desk. While Dubai offers numerous options in centralized and decentralized exchanges, these exchanges generally do not offer favorable exchange rates.
In contrast, the best OTC exchange, Crypto Desk, provides better exchange rates for buying Bitcoin in Dubai.
Crypto Desk is experiencing rapid growth, evident from the recent CEO deal to acquire the ‘.com’ domain for the platform at a hefty sum of $500,000. This demonstrates the company’s interest in expansion.
It also proves Crypto Desk’s stability as it continues to generate substantial earnings from its expanding business.
Crypto Desk is reaching milestones on their TikTok channel in a fun and engaging manner, with the channel soon to reach 1 million followers. This TikTok channel helps UAE residents filter out bad actors in the space. Additionally, it facilitates buying Bitcoin in Dubai at the best possible exchange rates.
Also Read: How to Use Trading Bot Bitcoin
