Singapore tightens rules on crypto startups, Dubai rolls out the red carpet; what investors must know before they jump in
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Is cryptocurrency legal in Dubai
What you should know before investing in cryptocurrency in Dubai?
Use regulated and licensed exchanges and wallets with strong security measures such as two-factor authentication
Stay updated on regulatory changes to ensure ongoing compliance and legal safety.
For businesses or individuals seeking to operate crypto trading activities, obtaining a crypto license from free zone authorities like DMCC or DAFZA involves submitting legal documents, paying fees, and securing office space, typically resulting in license issuance within a week.
The crypto real estate market inventory is still limited, especially for high-demand or off-plan properties accepting crypto payments.
Investors must consider tax and legal implications in their home countries when converting crypto assets into property or cashing out, as Dubai offers tax exemptions, but other jurisdictions may not.
The Monetary Authority of Singapore ( MAS ) has issued a strict ultimatum to all digital asset firms based in the city-state: secure a licence to offer digital token services abroad or immediately exit foreign markets. Failure to comply may result in severe penalties, including up to three years in prison and fines reaching up to SGD250,000 (approximately USD 200,000).The rules taking effect from June 30, 2025, fall under Section 137 of the Financial Services and Markets (FSM) Act 2022 and apply to all digital token service providers (DTSPs), regardless of size, clientele, or server location.MAS has also confirmed that there will be no grace period, no exceptions, and no phased transition. The directive applies uniformly, even to those whose overseas business accounts for only a small portion of revenue.Crucially, the MAS has said that it no longer matters where the customers are; what matters is where the company is registered.The move is part of Singapore's effort to tighten regulatory oversight and close long-exploited loopholes. The FSM Act now considers Singapore-based firms operating from the city-state, even when services are directed abroad. This change removes a grey area previously used by many firms to bypass full compliance.Although licensing pathways technically remain open, MAS has stated that new international DTSP licences will be granted only under "extremely limited circumstances". This renders most applications effectively unviable, particularly for ambitious crypto firms with global operations.Only firms already licensed under Singapore's Securities and Futures Act, Financial Advisors Act, Payment Services Act, or those dealing solely in utility or governance tokens, are spared.As the deadline nears, many digital asset firms are eyeing alternative bases. Bloomberg and The Financial Times reports indicate that leading crypto exchanges like Bitget and Bybit are preparing to shift operations to Dubai and Hong Kong.Among the two, Dubai has quickly become a top choice, thanks to its pro-innovation regulatory environment, transparent licensing process, and favourable tax and business ecosystem.The UAE has launched the Virtual Assets Regulatory Authority VARA ), which offers clear rules and a welcoming stance on digital assets, in sharp contrast to Singapore's tightening grip.Dubai's strategic location, strong investor infrastructure, and ambition to become a global digital economy hub further draw start-ups and investors.With its growing reputation as a crypto-friendly jurisdiction, Dubai is positioning itself as the natural successor to Singapore's declining crypto hub status.Yes, the answer is yes, but there are some conditions to consider.However, the Central Bank of the UAE has not officially recognized cryptocurrencies such as Bitcoin, Ethereum, or Pi Coin as legal tender. This means you cannot use these cryptocurrencies in the same way you use dirhams.However, the good news is that trading, owning, and depositing digital assets is completely legal on regulated platforms.In fact, the UAE Securities and Commodities Authority ( SCA ) and the Dubai Financial Services Authority (DFSA) closely monitor the crypto market to ensure smooth operation within a framework of clear regulations and strong security measures.Dubai, and the UAE overall, has adopted a progressive and regulated stance on cryptocurrencies and blockchain technology, making it one of the few global cities where buying property and conducting crypto transactions legally and securely is possible.The Virtual Assets Regulatory Authority (VARA) in Dubai enforces new rules aligned with global standards, including anti-money laundering (AML) and know-your-customer (KYC) compliance, which came into effect with a June 19, 2025, deadline for virtual asset service providers (VASPs).Crypto investors must use licensed platforms and verify that tokens are approved by the UAE authorities to ensure compliance and safety.The Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) have specific rules restricting crypto investments to pre-approved tokens like Bitcoin and Ethereum, prohibiting privacy coins and unstable algorithmic tokens.Dubai is rapidly becoming a global crypto hub, with strong government support, financial free zones, and a booming crypto trading environment. From June 2023 to June 2024, it attracted over $30 billion in crypto-related investments.The city supports the tokenization of real-world assets and the rollout of complex crypto products such as margin lending, which provides investors with more diversified opportunities.Dubai's real estate sector is increasingly accepting cryptocurrencies like Bitcoin, Ethereum, and stablecoins (USDT) for property purchases, offering crypto holders a way to convert digital wealth into tangible, tax-free, income-generating assets with strong capital growth potential.Despite the regulatory framework, investors should exercise caution against scams and fraud by ensuring brokers, developers, and payment processors are licensed by the Dubai Land Department (DLD) and VARA. Below are the steps to remember while making your investment.Crypto trading carries inherent risks, including market volatility and potential losses, especially with advanced strategies like margin trading. It is always recommended to be extra cautious.
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