By Aralabar - 11.01.2020
Bitcoin in uae 2019
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Posted in Banking and Finance, Regulatory, Technology, United Arab Emirates This is the first in a series of articles considering legal issues relating to bitcoin, cryptocurrencies and blockchain in the UAE.
In this article we focus on the legal status of bitcoin and address the question of whether bitcoin is banned in the UAE. In part two we will consider the case for regulating bitcoin and cryptocurrencies and source part three we will consider legal issues relating to the adoption of blockchain technology by public and private entities in the UAE.Bitcoin Loophole Review 2020, Scam or Legit? The Truth!
Recent developments in the payments regulatory environment in the UAE have turned a spotlight on the legal status of bitcoin and other cryptocurrencies in UAE. In the interim, the question remains — what is bitcoin in uae 2019 current legal status of bitcoin in the UAE?
Bitcoin — a currency or a commodity?
A threshold question in considering the legal status of bitcoin https://show-catalog.ru/2019/free-bitcoin-legit-2019.html whether it is classified in a jurisdiction as a commodity like gold or a currency like dirhams or US dollars.
There is no bitcoin in uae 2019 international consensus on this question at the moment — in the US, bitcoin has been treated as a commodity by the Commodity Futures Trading Commission and in the European Court of Justice, bitcoin has been treated as a currency for VAT purposes.
Why does this matter? It matters for a number of reasons: From a regulatory bitcoin in uae 2019 perspective, if bitcoin is treated as a commodity it would fall under the regulatory remit of the UAE Securities and Commodity Authority, whereas if treated as a currency, it would fall under the regulatory bitcoin in uae 2019 of the UAE Central Bank.
From a tax perspective, if bitcoin is a commodity, it may be subject to bitcoin in uae 2019 sales tax such as VAT, whereas if it is a currency then it would not be subject to such taxation.
From a bitcoin in bitcoin in uae 2019 2019 rights perspective, if bitcoin is a commodity then it is a form of property over which specific title can be asserted and transferred, whereas if bitcoin is a currency then a bitcoin simply represents a claim to the value represented by the bitcoin, but not a form of property in and of itself.
This distinction may seem unimportant on the surface but raises bitcoin in uae 2019 issues with respect to how bitcoins should be treated for in continue reading of trustee obligations, intestacy, sales of goods and bankruptcy and insolvency.
UAE authorities have yet to issue formal guidance on the whether they view bitcoin as a currency or a commodity, but it is arguable that the new Regulations, while not prohibiting bitcoin outright, do operate to prohibit the use of bitcoin as bitcoin in uae 2019 form how is cryptocurrency doing 2019 currency in the UAE for payments or money remittances and by default the only use case of bitcoin that is not currently prohibited under UAE law is trading bitcoin as a commodity.
This position may change — as noted above the UAE Central Bank and Dubai Supreme Legislative Committee are considering the legal status of bitcoin and may issue regulations in which bitcoin is clearly treated as a form of currency and permitted to be used as such in the UAE.
Until that happens, businesses that treat bitcoin as a currency that can be used as a form of payment in the UAE or currency remittances from bitcoin in uae 2019 UAE should proceed bitcoin in uae 2019 and seek further guidance as to whether or not their services are affected or prohibited by the current draft of the new Bitcoin in uae 2019.
What about blockchain? Is it treated the bitcoin in uae 2019 way as bitcoin and bitcoin in uae 2019 It is bitcoin in uae 2019 important to make a distinction between blockchain as an enterprise and social technology and bitcoin bitcoin in uae 2019 simply one use case, albeit the most successful use case to date, of that technology.
At a very basic level, a blockchain is a distributed ledger that records bitcoin https://show-catalog.ru/2019/robin-10p-2019.html and is akin to an electronic database ledger used by financial services organizations to record fiat currency transactions.
We will discuss bitcoin in uae 2019 laws applicable to the use of blockchain by a public or visit web page sector entity in a future article, but in terms of asking whether or click to see more blockchain is permitted in the UAE, it would appear that there are no laws that prohibit the use of blockchain as an alternative to a more bitcoin in uae 2019 database ledger.
Where next for bitcoin and blockchain in the UAE?
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