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UAE Now Requires Agents to Report Real Estate Transactions Where Virtual Currency Is Used as Payment – Regulation Bitcoin News

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The report said the new requirements will apply 'to both individuals and corporate entities that are parties to the above real estate transactions.' financialintelligence financialstability

UAE Now Requires Agents to Report Real Estate Transactions Where Virtual Currency Is Used as Payment

As part of the new reporting requirements, real estate agents must report all cash transactions where “single or multiple cash payment [are] equal to or above AED 55,000 [$14,974]” to the FIU. Where digital currency is concerned, agents and brokers are required to report to the FIU when payments include the use of a virtual asset. The same should also be done when “the funds used in the transaction [are] derived from a virtual asset.

 

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