Breaking News

These are the 20 best travel destinations for summer 2024, according to Google Flight Searches 3 Google Maps updates to make summer travel easier SPACECENT is up the new war zone > United States Space Force > Article Display Tuberculosis — United States, 2023 | MMWR Thousands of US bridges are vulnerable to collapse from a single hit: NTSB Why don’t the Blazers or ROOT Sports offer standalone streaming? Up to 200,000 people estimated to travel to Vermont for total solar eclipse How fast will April’s total solar eclipse travel? The UN Security Council demands a ceasefire in Gaza during Ramadan Mexico in the emerging world order

Jack Schickler is CoinDesk’s crypto regulation reporter based in Brussels, Belgium. He does not own any cryptocurrencies.

Real estate agents will have to alert money-laundering authorities of any property sales paid in cryptocurrency, the United Arab Emirates (UAE) government said in a statement on Monday.

With companies such as Bybit, Kraken, Binance and Crypto.com looking to establish themselves in the emerging crypto hubs of Dubai and Abu Dhabi, some real estate developers in the country have announced that they will start accepting payments in bitcoin (BTC) and ether (ETH).

Now the government is moving to crack down to ensure that all real estate transactions must be reported to money laundering watchdogs if they use virtual assets or funds derived from virtual assets for even a fraction of the home’s value.

The new rules will leave “little or no room for manipulation or illegal practices that could adversely affect the working environment and the economy and investment” in the real estate and legal sectors, UAE Economy Minister Abdulla bin Touq Al Marri said in a statement.

They would also require brokers, agents and law firms to submit reports to the Financial Intelligence Unit, which is responsible for tracking dirty money, and would also apply when a customer tries to pay in cash worth more than AED 55,000 (about $15,000). The government has not specified any threshold for virtual assets, implying that even the smallest bitcoin transactions will be caught.

The global anti-money laundering standards setter, the Financial Action Task Force, is trying to crack down on the use of cryptocurrencies to launder the proceeds of crime or finance terrorism, including through “travel rules”, a controversial way to identify and track payers.

By signing up, you will receive emails about CoinDesk product updates, events and marketing, and agree to our terms of service and privacy policy.

don’t sell my personal information

A leader in news and information about cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and adheres to

a strict set of editorial policies. CoinDesk is an independent operating subsidiary

Digital Currency Group, which invests in

startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may have exposure to DCG equity in the form of equity

rights to increase the value of shares, which are acquired over a multi-year period. CoinDesk journalists are not permitted to directly purchase shares in DCG.

Jack Schickler is CoinDesk’s crypto regulation reporter based in Brussels, Belgium. He does not own any cryptocurrencies.

Jack Schickler is CoinDesk’s crypto regulation reporter based in Brussels, Belgium. He does not own any cryptocurrencies.

Leave a Reply

Your email address will not be published. Required fields are marked *