Cryptocurrency has been on news and headlines for a while now. While all of us know that Cryptocurrency is still an unregulated thing for many countries, here we will discuss about its existence and regulations in India and UAE only giving you a clear picture of how its treated in India vs UAE.
In India, we don’t have any offline crypto exchanges like we have the banks. But in Dubai, you have various official exchanges where you can just walk in and buy sell your crypto.
Cryptocurrency Deposits & Withdrawals
In India, you are not allowed to deposit to crypto exchanges via your Indian debit cards or net banking and very soon, you will be banned from withdrawal of money from the indian exchanges to your bank account. In fact, indian credit cards are also not being accepted in various crypto platforms.
While in Dubai, you can do any number of deposits and any number of withdrawals to your UAE bank account from any crypto exchange in this world.
In India, we only have ATM of banks. In Dubai, you get bitcoin ATMs too 😉
Indian Supreme Court has officially marked cryptocurrency as a legal thing, but since its not regulated and cannot be regulated by any body, the law makers don’t want it to be famous in India, thus the banks are being instructed not to allow any more crypto transactions.
In UAE, cryptocurrency is absolutely legal and officially you are allowed to do any kind of crypto transaction. In fact, UAE has allowed companies to register as crypto operating service companies now in Dubai.
Now when India is bent on trying to stop crypto transactions by all teams, UAE is at a different level al together.
Dubai is taking a big step to embrace cryptocurrencies thanks to a new agreement between the Dubai Airport Free Zone Authority (DAFZA) and United Arab Emirates’ Securities and Commodities Authority (SCA).
In a move to grow the crypto industry within the region, DAFZA will now allow cryptocurrency trading under an established regulation. As the financial markets supervisor across the UAE, the SCA will oversee the offering, issuance, listing and trading of crypto assets within the free zone. The SCA will also handle all necessary approvals and licensing for companies regarding crypto trading.
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- Ryan Derousseau (Author)
- English (Publication Language)
- 288 Pages - 03/12/2019 (Publication Date) - Simon & Schuster (Publisher)