With the recent announcement by some real estate developers in the United Arab Emirates (UAE) that they will start accepting payments in bitcoin (BTC) and ether (ETH), the country’s government has directed that all payments made in cryptocurrency be made known to its financial regulator.
UAE’s Minister of Economy, Abdulla bin Touq Al Marri in a statement said that the rule will apply to brokers, agents, and law firms.
Al-Marri, who hinted that the development was aimed at forestalling the negative impact of illegalities that may arise with the use of cryptocurrencies in business transactions said the affected parties must henceforth file reports to the Financial Intelligence Unit.
He said that other regulations will become applicable when buyers attempt to pay in cash worth over AED 55,000 (around $15,000).
“The new rules will leave “little or no room for manipulation or illegal practices that could negatively impact the work environment and the economy and investment,” the statement said.