Crypto news from the UAE

Buying real estate with cryptocurrency, crypto exchanges operating under Sharia law, regulation of crypto business and other news are briefly in our review.

Cryptocurrency and real estate

A large construction company, Imkan Properties, which sells real estate in the UAE, intends to accept cryptocurrency payments. “We are exploring new financial opportunities and the possibility of using cryptocurrency in financial packages for the purchase of real estate,” said the company’s editor-in-chief Walid El-Hindi.

Cryptocurrency exchange under Sharia law

According to local sources, ADAB is going to open the first Islamic Cryptocurrency Exchange (FICE) in the UAE, which will support trading pairs with Bitcoin (BTC) and Ethereum Classic (ETC) cryptocurrencies. In order to ensure that the company's cryptocurrency activities comply with Shariah laws, ADAB Solutions will not participate in cryptocurrency projects related to gambling, betting, the production of alcoholic beverages or tobacco products, as well as other activities unacceptable to Islam. 

Crypto Asset Sales Business

Seccurency, a US-based provider of technology solutions for tokenization and securities trading, intends to open a cryptocurrency business in accordance with the new regulatory framework within the Abu Dhabi International Market. The company seeks to partner with renowned blockchain companies to create a fully regulated business for institutional clients around the world. Seccurency intends to offer custodial and cryptocurrency exchange services. The company's protocol can be used for Ethereum, Stellar, Ripple, EOS and other crypto assets, allowing tokens to be moved within and across the same blockchain network.

Regulatory Framework

Since unauthorized virtual currencies are illegal in the kingdom of Saudi Arabia, local cryptocurrency exchange BitOasis intends to help regulators develop rules for cryptocurrency companies. The BitOasis exchange is not subject to government restrictions and its platform is still open for secure trading of digital assets..

Lost Profits Syndrome

According to Bitcoinist, the victim of FOMS was an inexperienced cryptocurrency investor from Abu Dhabi, nicknamed Cryptohomie, who in 2017 took out a loan of $139,500 to buy cryptocurrency, which soon lost 95% of its value. The assets purchased included Stellar Lumens, NEO, Litecoin and Ethereum.

Cryptohomie is now forced to pay the bank $3,381 monthly until December 14, 2021, and the loan plus interest will be $162,333.

According to ameinfo.com