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Dubai is one of the most advanced countries in the world regarding cryptocurrency. The UAE has very liberal laws concerning trading and using cryptocurrencies. This is especially true given that cryptocurrencies are considered commodities in Dubai.
There has been a lot of talk about the UAE gradually becoming a hub for crypto assets and about the top crypto exchanges in Dubai.
Local cryptocurrency exchange sweeps the competition
According to Chainalysis, 7% of all cryptocurrency trading takes place in the Middle East. CNBC reports that the United Arab Emirates (UAE) accounts for about 5% of all cryptocurrency transactions worldwide, with a 500% rise between July 2020 and June 2021. The United Arab Emirates is third in the region in terms of transaction volume, just ahead of Lebanon at $26 billion and much behind Turkey at $132 billion.
While concerns over losing purchasing power are driving a surge in crypto adoption in Turkey and Lebanon, the United Arab Emirates (UAE) has seen transaction volume increase for a variety of other reasons. Although precise numbers are lacking, a local newspaper in the UAE, The National News, has claimed that there are presently over 400 crypto firms operating there. During GITEX Global in Dubai, Ahmed bin Sulayem, Executive Chairman and CEO of the Dubai Blockchain Centre (DMCC), predicted that the United Arab Emirates (UAE) would be home to "well over" a thousand crypto firms by the end of 2022.
As cryptocurrencies gain popularity in the country, there is a greater demand for local crypto exchanges.
Crypto to Cash Conversion Rate in Dubai, UAE
Investors in the UAE, particularly in Dubai, can now buy and sell cryptocurrency assets quickly and easily via online exchanges, but the problem is to decide which is the best cryptocurrency exchange in Dubai. Certainly, UAE investors prefer an exchange that provides crypto-to-cash conversion in the Dubai market.
The native currency of the UAE is AED, and Bitcoin is the first and most well-known cryptocurrency. Therefore, it makes sense that BTC to AED conversion should be available on all cryptocurrency exchanges in the UAE. The good news is that Crypto Desk, one of the top crypto exchanges in Dubai, has made it easier to buy cryptocurrency in the UAE.
You might be interested in knowing the value of one bitcoin if you want to buy it in the UAE or convert its price to AED. Currently, you can find the exact price of your favorite crypto coins, such as Bitcoin (BTC) and Ethereum (ETH) on major platforms including Crypto Desk.
Dubai Crypto Regulations
The UAE has taken a proactive approach to decentralized finance, quickly establishing itself as one of the top marketplaces for cryptocurrencies and blockchain technology. Dubai is one of the best places to trade cryptocurrencies, and it's one of the few cities where cryptocurrencies are not prohibited. Existing regulations in the region facilitate the development of exchanges and other businesses involved in the cryptocurrency industry while ensuring the safety of customers and users.
The Dubai Multi Commodities Centre (DMCC) has opened a new Crypto Center for businesses interested in exploring various crypto and blockchain solutions to expand their use of digital assets. Companies that provide, issue, list, and trade digital assets, as well as those developing blockchain trading systems, are housed in the DMCC, which the government backs.
The Securities and Commodities Authority (SCA) and the Central Bank of the UAE (CBUAE) oversee the financial and capital markets. Additionally, the Dubai Virtual Assets Regulatory Authority (VARA) oversees, licenses, and controls the development of cryptocurrency-related businesses.
Emirates is eager to profit from the bitcoin trend, however, it raises some practical challenges because residents of Dubai cannot use it for daily transactions. For this reason, people in Dubai seek BTC exchange services.
How to Exchange BTC to Cash
It is possible to exchange BTC for cash and the process is just as simple. To convert Bitcoin to AED in a cryptocurrency exchange, you need only to choose the BTC/AED pair. Input the desired selling price into the order and click the "sell" button. The currency equivalent will be deposited into your verified bank account.
You can buy and sell bitcoin and other cryptocurrencies at Crypto Desk, a UAE-based cryptocurrency exchange that has been operational since 2015. With support for over 500 different cryptos, it's an excellent option for Dubai residents.
Both novices and seasoned pros can benefit from using Cryptodesk. This section explains in detail how to buy Bitcoin in the United Arab Emirates by using a trusted and secure crypto exchange.
Select a crypto exchange
To start with, select a cryptocurrency exchange. The Crypto Desk facilitates the conversion of your BTC for fiat money in Dubai at the most competitive prices. Crypto desk is a locally available option to buy, sell, and trade cryptocurrency in the UAE.
Register by entering a valid email address
The next step is to enter a valid email address, and a confirmation message is sent to that specific email address via exchange. Your exchange account will be verified once you confirm your registration via email.
Provide the information about your bank account
The next step is to enter your verified bank account information, and the exchange will confirm your bank details before you can make deposits or withdrawals.
Select the AED/BTC pair in the marketplace (to convert BTC to AED)
Trading pairs are available on exchanges to facilitate cryptocurrency conversion in Dubai. To purchase Bitcoin, go to the Crypto Desk OTC platform in Dubai and select the AED/BTC pair.
Enter your cash limit
The final step is to specify the cash limit for transferring BTC to AED. The exchange will show how much AED you can acquire based on your specified cash limit and the current Bitcoin price in AED. Double-check the information and amount before pressing the "buy" button.
Evolution of Crypto Desk
Aminhossein Rad is the CEO of Crypto Desk. Rad was one of the first cryptocurrency investors in the United Arab Emirates. He entered this industry and launched his cryptocurrency venture in the then-unusual over-the-counter broker market.
Amin started Crypto Desk because he was confident in his abilities and wanted to make it simpler for people and businesses in the UAE to buy and sell cryptocurrencies. He also taught people how to profit from trading cryptocurrencies.
Crypto Desk is a simple cryptocurrency trading platform in the UAE, and the team is developing the crypto economy, which will improve financial institutions' fairness, accessibility, efficiency, and transparency. It started in 2015 with the revolutionary idea that anyone, anywhere should be able to Buy, Sell and pay via cryptocurrency instantly and safely.
What difference did this exchange do to outclass other exchanges?
Crypto Desk offers faster processing times for both fiat-to-crypto and crypto-to-fiat transactions. It is a user-friendly OTC platform for Dubai residents and supports over 500 cryptocurrencies, working with over 10,000 satisfied clients. It is a prominent cryptocurrency exchange in Dubai since it assists professionals and newbies. Furthermore, this platform doesn't charge any extra fees.
Users can instantly and securely transfer funds to their accounts using the platform. You can instantly check how many cryptocurrencies are in your wallet after completing a transaction. It offers the lowest fee rate in Dubai for cryptocurrency trading and transparent exchange. Furthermore, it provides a secure protocol for any crypto exchange and completes transactions quickly. As a result, it rose to become one of the top cryptocurrency exchanges in the UAE.
Other competitors of Crypto desk?
Despite the convenience of fiat on-ramps provided by reputable exchanges like Binance, Coinbase, and Kraken, investors in the United Arab Emirates have a hard time using them because of high credit/debit card deposit fees (often 10%) and the refusal of many banks to process deposits and withdrawals from these exchanges due to strict regulations.
Given these obstacles, Crypto Desk emerges as the best option for buying and selling cryptocurrency in the UAE market.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.