Buy Property With Cryptocurrency In Dubai: Step-By-Step Guide

Virtual currencies such as Bitcoin and Ethereum are actively used to buy goods and services including real estate. Dubai has gone further than most countries and has become the first to introduce the option to sell, lease or buy property with cryptocurrency or bitcoin.

The crypto market can be extremely volatile at times, therefore a large number of crypto investors are transferring their funds to a more stable investment such as real estate.

What is Cryptocurrency?

Cryptocurrency is basically a digital version of money based on cryptographic technology or a code that can’t be changed. Cryptocurrency works on blockchain technology which is essentially a decentralized database that cannot be changed or hacked.

Cryptocurrency and Blockchain Regulation in Dubai

VARA, established to provide a secure and progressive operating framework for the virtual asset (VA) sector to be able to scale, while assuring market and investor protection, expects to regulate the governing principles of the services and activities, rather than the continually-evolving products and underlying technologies. This bold move reflects Dubai Government’s confidence in Virtual Assets being integral to the future digital economy, and its readiness to establish the Emirate as the world’s Virtual Assets Capital. Dubai’s Virtual Assets Regulatory Authority (VARA) announced its entry into the Metaverse with the establishment of its Metaverse HQ in the dynamic virtual world of ‘The Sandbox’.

As the world’s first regulator to make its debut in the Metaverse, VARA seeks to ensure that the regulator is accessible to its industry in their environment, and facilitate collaborative engagement between global Virtual Asset Service Providers (VASPs), Industry Thought-leaders, and International Regulatory Authorities.

Government Initiatives

Due to these types of projects, the country should advance governmental efficiency, industrial development and international leadership. Blockchain strategy initiatives led by Sheikh Mohammed bin Rashid Al Maktoum will help make Dubai a prosperous city.

The cryptocurrency system and blockchain are implied actively through economics and will help to conduct business without any bureaucracy. Blockchain is going to be used in real estate to create a register of all Dubai real estate, which will be developed by the Dubai Land Department (DLD).

What documents do you need to Buy property with cryptocurrency?

To buy property with cryptocurrency, you will need the same documents that are required for a usual monetary transaction. First of all, a preliminary agreement is written in English or Arabic. It is then important to use the services of a professional real estate agent who will help you to choose the property, collect and prepare documents and fill the contract correctly.

You will need the following documents to make the transaction:

• International passport
• Identity document (ID)
• Proof of a residential address
• Contact details
• A power of attorney, if your representative conducts the transaction

Paragon Properties pride ourselves on making this a seamless process for both buyer and seller, managing each aspect of the buying process.

Contact us today to find out more information.