Is crypto legal in United Arab Emirates?

“No Entity in the Emirate may carry out any Category 1 VA Issuance, unless it is authorised and Licensed by VARA for the VA issuance. [...] issuing Anonymity-Enhanced Cryptocurrencies and all VA Activity(ies) related to them are prohibited in the Emirate.”

“All Entities shall apply for, obtain and maintain a Licence issued by VARA in order to be permitted to carry out each VA Activity.”

“No Person shall perform any Payment Token Service within the UAE or directed to Persons in the UAE, unless such Person is Licensed or Registered by the Central Bank to perform such Payment Token Service.”

“Transfer and exchange of virtual assets are exempt from VAT with effect from 1 January 2018 (Cabinet Decision No. 100 of 2024); UAE levies no personal income or capital gains tax.”

“VARA may classify any activity in respect of Virtual Assets as a ‘VA Activity’ pursuant to these Regulations, including... activities conducted through decentralised platforms or protocols.”

“Virtual Asset means a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes, but does not include digital representations of fiat currencies, securities or other financial assets that are already covered by other legislation in the Emirate. Non-fungible tokens (NFTs) are a type of Virtual Asset.”

“The Abu Dhabi Global Market has launched a consultation on policy considerations for the crypto mining industry, which would include oversight of international activities for entities headquartered in the ADGM. The discussion paper proposes ongoing obligations for crypto mining including transparency measures and disclosure of on-chain addresses used for mining rewards, and emphasises requirements for operational resilience, cybersecurity, record keeping, and ongoing supervision.”

“The SCA provides enforcement services and investor warnings related to securities and commodities activities, including digital assets-related warnings and actions.”