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Category Archives: News

UAE announces new personal status law for non-Muslim expats

UAE announces new personal status law for non-Muslim expats

As on February 1, 2023, all non-Muslim foreign nationals living in the United Arab Emirates will be subject to a new Federal Decree-Law on Personal Status. In keeping with the UAE's ongoing efforts to improve its legislative ecosystem, the Federal Personal Status Law will help the country achieve its goals and visions for the next half-century by cementing the UAE's reputation as a welcoming place that values family unity and diversity. Unless a non-Muslim foreign resident applies the law of their home nation, the terms of the Decree-Law apply to them. In addition, non-Muslim foreigners may opt out of this Decree-restrictions Law's in favour of implementing other family or personal status legislation in force in the UAE. The terms of marriage and the processes for contracting and documenting the marriage before the appropriate courts are governed by the provisions of the Decree-Law. Divorce proceedings, whether initiated jointly or separately, are spelled forth in the Decree-Law. It establishes a framework for dividing parenting time and financial responsibilities following a divorce. The Decree-Law also provides structure to the processes around wills, testaments, and proofs of paternity.
Dubai named Arab media capital for 2020

Dubai named Arab media capital for 2020

Dubai has been recognized to be the very first in the Arab world to emerge as a media power in the Gulf region. It has been given the title of ‘Arab Media Capital’ for 2020 last Wednesday by the Arab Information Council of Ministers. As per tweets of Dubai Media Office, it was at the 50th council meeting held in Cairo that the announcement has been made. Dubai’s Crown Prince, Sheikh Hamdan Bin Md. Bin Rashid Al Maktoum had welcomed this decision and claimed Dubai to the latest evidence of growing role of Dubai and the UAE as hub for both international and Arab media. Media outlets are just not created to be mere channels which disseminate information and cover events. Rather, it can be rightly termed to be a partner that helps to achieve development goals, to set direction as well as to drive impact. However, with this role comes great responsibility as stated by Sheikh Md. Bin Rashid Al Maktoum, His Highness, Ruler of Dubai and the Prime Minister and Vice President of the UAE. About two decades ago, Dubai’s media strategy had been launched by His Highness to help it grow into a media hub by incorporating pioneering projects and initiatives. Today, Dubai claims to have currently become home to over 4,000 Arab, international and regional media organizations. The decision of the Council also confirms UAE’s significant role to support international and Arab media including recognition of prominent media stature of Dubai. According to the Cabinet Affairs and Future Minister, Md. Abdullah Al Gergawi, Dubai’s selection as Arab Media capital can be considered to be a tribute to the visionary thoughts of the Ruler of Dubai and Prime Minister and Vice President of the UAE, especially with the laying of the foundation two decades ago in the emirate for media hub. Furthermore, Sheikh Md. had initiated the establishment of Dubai Internet City and Dubai Media City with the vision of these two sectors merging with each other in a couple of decades. This region can be termed to be at the very forefront of regional content creation having over 4,000 media companies. The Emirati youth had been entrusted by His Highness to launch new media sector while extending support to all the media related projects. Thus, Dubai’s capability to come up with new sectors as well as lead towards implementing new ideas is what has converted it into a role model for several countries. The selection is also termed to be UAE’s major achievement, with only more responsibility being placed upon the professionals to accelerate further the progress of the country. Media, as on date, is rather considered to be a tool to allow positive change and major engine inviting development. It also is termed to be a key driver of soft diplomacy pertaining to any country seeking to advance in its global status. The NMC (National Media Council) Chairman and Minister of State, Sultan Ahmad Al Jaber took the opportunity to congratulate His Highness President Sheikh Khalifa Bin Zayed Al Nahyan, His Highness Sheikh Md. Bin Rashid Al Maktoum, Ruler of Dubai and Prime Minister and Vice President of UAE including Abu Dhabi Crown Prince & UAE Armed Forces; Dy. Supreme Commander His Highness Sheikh Bin Zayed Al Nahyan on this special occasion. The naming selection also coincided with Expo 2020 Dubai hosted by the UAE, based on the theme, “Connecting Minds and creating Future’ that is expected to be visited by over 30 million people. As affirmed by Sultan Al Jaber, they were keen enough to cooperate with radio stations spread across the Arab countries, the Arab League, Arab journalists, poetry and writers organizations along with GCC, Gulf Cooperation Council, TV & Joint Production Foundation. The media sector has witnessed the UAE playing a vital role and it’s supporting of ambitious initiatives and media projects through its openness towards other societies and cultures including combating extremism and terrorism and promotion of values of tolerance and moderation. Arab recognition according to Mona Ghanem Al Marri, Dubai Government Media Office Director General of Dubai as Arab Media’s Capital, very well reflects positive, clear imprint, which this emirate has managed to leave on Arab media arena. It also highlights the success story achieved by the emirate in the last two decades, keeping in sync with His Highness directives, emphasizing at several meetings and occasions with media persons of media being a key partner to drive progress and development of the Arab world. Dubai does deserve this accolade as per Gulf News Editor-in-Chief Abdul Hamid Ahmad who is also the Executive Director Publications, since he feels that Dubai has managed to derive several achievements in the field of media and is the very first in this region to recognize media’s power and role and as to how media will be able to play a significant role to change people’s lives in Arab world. The launch of Studio City, Dubai Internet City and Dubai Media City two decades back has helped attract media from across the globe and the Arab world. Shaikh Mohammad also encouraged and empowered the media world allowing them to carry out their tasks without any fear of repercussion. For instance, journalists were allowed to freely do their work and not get sentenced for working honestly. The bar with regards to media has been raised significantly by the government. Dubai Media Office representing the Dubai government finds the latter to be transparent and give out clear statements if something big is occurring in Dubai.

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Becoming an Entrepreneur in Dubai

Becoming an Entrepreneur in Dubai

Dubai is a great place for entrepreneurs and startups. It has accelerators that strategically design opportunities for companies as there are numerous advantages when registering your company in Dubai. Being the wealthiest city within the Gulf Cooperation Council, Dubai serves perfect for any sized business.

What suits Dubai to be best for your company?

The attractive location of the Middle East along with the wide benefits catering to the startup circle are some of the perks that Dubai has to offer. Some of the other benefits are: The entrepreneurs have solid ideas to drive and execute for joining the economic growth of the country. The competition is fierce as Dubai is the ideal place for many people.

How to be an entrepreneur in Dubai

Few of the top nominated skills every future entrepreneur have to keep in mind:

Sales, Networking and Relations

  The company vision, mission and goals are the basic guidelines for every company formation that seems important, the longevity of any organization is their sales. Big time entrepreneurs and investors just believe in one motto: Defining that "Sales Cures All". You can invest time in networking and building relationship pipelines to keep your organization alive and healthy.

Stay dedicated, focused, and adhere to the business plan

Entrepreneurs drift off their business plan and replicate the pre-existing business model by assumption. It may be because the business model worked for another company that could yield similar results. However, that is not the case. Stay focused and be patient when things start to drift downhill, as it’s the way of the market. Situations deteriorate in off-seasons and maintaining a focused, sustainable business plan path is the key to overcome. The key is staying focused, crunching your budgets and expanding your reach.

Work Smart and Hard

Working hard to maintain the hours is the key; running your show won't clock out at the end of the day. In free time and time off the clock, you must be dedicated to networking that leads you closer to a deal. This would include weekends and nights. Working hard alone is not all it takes; being SMART is equally important. Be Specific: The objectives need to be specific and described positively to the public. Attainable: Attractiveness serves as key to the team and to your clients; be attainable most of the time. Being Measurable: Every goal and achievement should be measurable. Being Realistic: Not only you do offer service, hence be realistic and up to date, watch out for competition at all times. Be Time-Bound: How can we measure profit when tasks are not timed? Tasks can be monitored and timing makes all the difference in winning. To build a sustainable, homegrown business is desired by banks, investors, clients and customers. It’s not only the ideas that make organizations the “best”; instead the execution of building a reputable and honest brand image. This can be hard, but remain focused on your goals, be open to ideas from employees that help your organization grow and also respect your competitors. Implementing these behaviors in your company gives you every chance to lead within your industry. Looking for Business setup company in Dubai ? Black Swan Can help you in End to End business setup process in Dubai. Request a quote or a call back today.
2,394 new Licenses issued by Dubai DED in June 2019

2,394 new Licenses issued by Dubai DED in June 2019

The Dubai labor market  has recently witnessed the creation of 7,598 jobs with the issuance of new licenses. 2,394 new licenses have been issued in June 2019 by the DED (Dept. of Economic Development) to carry out various professional, tourism, industrial and commercial activities. As per DED’s BRL (Business Regn. & Licensing) Divn., professional accounted to 58.5% of new licenses; commercial with 38.9%, tourism with 1.9% and 0.7% with industry. Combined together, they managed to create about 7,598 jobs in Dubai’s labor market. DED’s ‘Business Map’ digital platform whose objective is to reflect Dubai’s economic realities by offering crucial data on every license segment including their monthly distribution and numbers, witnessed completion of licensing transactions and business registration amounting to 22,759. DED’s outsourced service centers accounted for about 191912 transactions, which is 87% of total, thereby demonstrating crucial role played to provide Dubai public with value added services. According to reports, June 2019 saw 10,417 license renewals, including 51.2% (5,335 transactions) associated with text message based Auto Renewal. June 2019 transactions displayed Trade Name Reservation accounting for 3,593 transactions with Initial Approval numbers reaching 2,905. The Total Commercial Permit number in June 2019 had reached about 906. News source dubaided.gov.ae

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Oman’s Sultan grants citizenship to 157 expats - Citizenship will cost OMR600

Oman’s Sultan grants citizenship to 157 expats – Citizenship will cost OMR600

His Majesty Sultan Haitham Bin Tarik has issued a Royal Decree granting the Omani citizenship to 157 expats in the country.

It is not the first time Oman’s Sultan grants expats the citizenship. Earlier in December last year, he granted the citizenship for 32 expats.

Expats who are looking to get Omani citizenship and obtain an Omani passport will have to file an application that costs OMR600, while the spouses or previous spouses of Omani citizens will need to pay OMR300, according to the Ministry of Interior.

Applicants will need to prove that they live and work in Oman, and that they have not had any legal cases brought against them. They will also need to present a medical certificate to prove that they do not have communicable diseases, or risk not being able to gain a citizenship.

Documents required

Executive regulation 92/2019 released by the ministry stated: “The application for Omani Citizenship will cost OMR600, while the application for the expat wife, widow, or divorcee of an Omani citizen will cost OMR300, as does the citizenship for an underage child of an Omani woman.”

Applying to give up Omani citizenship or to have it returned will cost OMR200, according to the law.

Expats applying for Omani citizenship have to fulfill a number of criteria in order to be considered, and must present 12 documents with them.

According to the law, “The foreigner must present the following documents when applying for the citizenship: A copy of the passport with a valid visa, a copy of the personal identification card or similar identification, a copy of a valid residency card, a copy of the marriage certificate if he is married, as well as copies of the wife’s passport and that of any children. If married to an Omani woman, a copy must be presented of his certificate for marriage of a foreigner, a certificate of good conduct from Oman and another from the country from which he comes, a valid medical certificate proving that he is fit and free of transmittable diseases, an income document from his employer, a certificate from the embassy of his country proving that he is allowed to forfeit his original passport, a written proof of intent to forfeit his current passport, a written declaration at the ministry that includes the names of all his underage children and their documents.”

Long-term resident

Anyone who gains the Omani citizenship must report to the ministry to receive an Omani passport, and must remain a long-term resident of Oman.

Article 16 of the law states: “Any who receive the Omani citizenship must visit the ministry to complete the procedures required for an Omani passport for him and underage children who will automatically receive it, within six months.”

The expats who begin this procedure will have to undergo an Arabic language exam. The exam can be written, or it can be an interview in Arabic, at the ministry itself. Expats who fail the exam can repeat it once six months have passed, although they have four chances to repeat it.

The new citizens of Oman will not be able to spend six months outside the country at once during the ten years after they gain their citizenships, unless they receive a permit from the Ministry of Interior.

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People can apply for Omani citizenship at the Sultanate’s Ministry of Interior.

Source https://gulfnews.com/world/gulf/oman/omans-sultan-grants-citizenship-to-157-expats-1.77197883

Rules for Company Formation in the Dubai Mainland

Rules for Company Formation in the Dubai Mainland

Rules for Company Formation in the Dubai Mainland: Starting a company in the Dubai Mainland comes with the knowledge that there won’t be too many restrictions and regulations while conducting business activities. What is necessary though, is to have a local sponsor. You can maintain a 100% percent ownership but you still have to have a local sponsor as it is legally required for business documentation. If you want to maintain full ownership, the local sponsor has to agree to refrain from interfering in the business activities.

Types of Companies in the Mainland

Limited Liability Company (LLC): The company needs to have a minimum of two shareholders and maximum up to 50. Each shareholder is liable according to the percentage he/she holds. Branch Office: Investors can expand into Dubai and are given an opportunity to set up their branch office in the mainland. Public Shareholding Companies: This type of company is suitable for businesses dealing with large lucrative figures like banking, finance and insurance. Professional Firms/Civil Companies: Owners can choose their field of functioning and can retain a 100%percent ownership. Representative office: Can exist without a shareholder but cannot conduct business activities. Its sole purpose should be research and marketing.

Steps of Incorporation

One should decide the business entity to be formed and get the name approved. The business owner must then start by finding a trustworthy sponsor without whom he cannot start the business. Then comes the drafting of the Memorandum and Articles of Association, followed by submission to seek approval from the Department of Economic Development (DED). Then one should find reasonable, strategic and affordable office space to conduct the business activities out of and geta tenancy contract. The next step is to apply for a trade license. Getting the relevant trade license for your business is important. There are three types: Commercial licenses: These licenses cover all trading activities and are for businesses where 51% of shares are with the UAE National and 49% with the business owner/expat partner. Industrial licenses: These licenses cover all manufacturing and production activities and are for businesses where 51% of shares are with the UAE National and 49% with the business owner/expat partner. Professional licenses: These licenses cover all professional services, craftsmen and artisans and all the shares are held by expat partner only. All that is left to do now is submit all applications and pay the necessary fee, after which you can obtain your license and conduct business activities! Setting up a business in the Dubai Mainland has many advantages such as unrestricted operations, working with government bodies and its open wide presence in the market in and out of UAE.

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6 month multiple entry visa introduced in the UAE

6 month multiple entry VISA introduced in the UAE

UAE VISA : For non-UAE residents who seek to explore multiple opportunities here and enjoy long term investments can now avail 6 month multiple entry visa, introduced recently. Over 6,000 applications have been received by the ICA (Federal Authority for Identity & Citizenship) in the very first week of its announcement of this long term visa system. It is from entrepreneurs and investors that majority of the applications were received. This is pursuant to the 2018 Cabinet Decree Number (56), which stipulates residency provision facilities to those meeting the set criteria in each category including their family members. Applicants, according to recent announcements by the ICA can seek details from its official website that is accessible easily through its public page. There is no need to have a user name & password and create an account for access.

Addition of three new services:

  1. Issuance of 6 month visa combined with several trips to ensure completion of investor’s residency procedures.
  2. Issuance of 6 month visa combined with several trips allowing completion of long term residency procedures meant for both outstanding students and entrepreneurs.
  3. Issuance of 6 month visa combined with just a single trip for completion of residency procedures meant for talented individuals.
According to the Director General (Foreigners Affairs & Ports), Mj. General Saeed Rakan Al Rashidi, there is noticed great demand for these facilities, thereby contributing towards improving further UAE’s attractiveness as distinctive investment environment as well as support proactively its social and economic competitiveness, thus enhancing regional leadership, including worldwide advanced position to offer the very best and most appropriate business environment for capital owners and investors, searching for freedom of movement, ease of procedures and possibility of enjoying greater stability for themselves and their families, as well as achieve set aspirations and ambitions. He further concluded that the objective of the 6 month visa is to offer people desiring to have long term residency to make visits to the state, for reviewing facilities in different fields as well as to identify available opportunities in the specific field of interest, including study options present, so as to come up with decisions that suits their families. He enumerated that those obtaining such visas are provided by the ICA, be it single or multiple trips, Emirate ID card with the objective to make the process much easier for them, thereby allowing them to have all procedures completed on time with greater flexibility and convenience, including opening of bank accounts, direct licensing procedures, carrying out various types of transactions and property registration. He also stated that such visa has been dedicated towards foreign entrepreneurs and investors, so as to attract owners of leading companies, investments and capitals along with competencies and international expertise pertaining to all the major segments associated with the national economy and to ensure that they contribute towards journey of progress and renaissance as noticed by the State in different fields. According to him, people who have successfully met the conditions to obtain long term residency with regards to different resident categories in the state are eligible to make applications if they strongly desire, but through heir system accounts and e-channels, without having to obtain the 6 month visa, such that during residency renewal time, long term residency system transfer is requested with regards to the category, where the conditions apply. He also praised the kind of attention that was made by the ICA towards long term residency system with the direct supervision and close follow-up made by the Board of Directors’ Chairman, Ali Md. Al Shamsi, who emphasized consistently about facilitating procedures meant for customers as well as to expedite their application process and to provide all necessary facilities that will help to save their precious effort and time, thus allowing them to incorporate their business at the earliest time possible.

Al-Rashedi narrated the conditions to be met in every beneficiary category and privileges to obtain:

10 year investor residency visa

10 year investor residency visa, under which residency permit is offered to the applicant for 10 year period, but without sponsor in State, including his wife, children and family members, as well as sponsor domestic workers limited to 3 workers and obtain residency for any single senior employee (executive director or adviser) for 10 year period with family members along with possibility to obtain multiple visa entry for 6 month period, which is renewable for incorporation purpose for similar time period, provided he possesses:
  • Dhs 10+ million deposit in any investment fund within the State.
  • Or own company within the state having capital of over Dhs 10 million.
  • Or form partnership in any new or existing company having shares over Dhs 10 million.
  • Or have total investment within the state of over Dhs 10 million, subjected to the fact that non-real estate related investment is not less than 60%.
  • The said amount is not a loan, but is wholly owned.
  • The investment is kept at least for 3 years from residency obtaining date.
  • Minimum Dhs 10 million creditworthiness, in case of civil judgments and financial claims.
  • For entire duration of stay, possess inclusive health insurance documentation for self and family members.

Investor residency in real estate sector

Investor residency in real estate sector, the category applied to obtain residency permit is to be of 5 years, but without sponsor present in state, including his wife, children, family members, with the possibility to sponsor domestic workers to about 3 workers at the max. He will be required to:
  • Whole owner of the property
  • Own more than one property within the UAE having total value of Dhs 5+ million.
  • Investments kept for minimum 3 years from date of residency possession.
  • Inclusive health insurance documentation present for self and family members for entire duration of stay.

Entrepreneurs Residency

Entrepreneurs residency : 5 year residency UAE visa is offered to the owner, with the possibility to qualify for investor visa for 10 year time period, 5 year residency for 3 executive managers, 5 year residency visa to allow family members (children, wife and husband), 5 year residency visa for 3 executive directors, with the opportunity to avail 6 month visa combined with multiple trips along with the possibility to renew for another 6 months, subjected to she/he has the following:
  • Valid approval from State certified business incubator
  • Successful, previous project amounting to at least Dhs 500,000.

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Till 15 th September Tourists under 18 to be granted Free UAE Visa

Till 15 th September Tourists under 18 to be granted Free UAE Visa

This schemed launches every year between 15th July to 15th September targeting children under 18, will grant them tourist visa. However, they need to accompany their parent. The Federal Authority for Identity & Citizenship has announced launch of this scheme from Monday onwards, in June this year. This announcement has been made keeping in mind last year’s cabinet decision made in June, stipulating waiver for children under 18, from 15th July to 15th September, every year. But the condition is that children under 18 need to be accompanied by at least one parent visiting the UAE on tourist visa, be it long or short term visa and irrespective of the visa’s validity. Tourists eager make a trip to the UAE this summer were beckoned by the authority to benefit from the waiver, thereby saving precious money. Tourists were also encouraged to make UAE their favorite tourist destination. Tourist visa is issued by the authority, namely of two types, viz. 30 days short term visa for single entry at Dh200, extendable twice each time for 30 days and 90 days long term visa, extendable twice each time for 30 days at Dh550. Extension made every time involves a fee of Dh600.

Family friendly destinations

Such facilities provided are expected to promote UAE and enhance its global competitiveness as being a leading and attractive tourist destination inviting visitors and families from across the globe to get to know and experience its rich culture, heritage, visit the beaches and entertainment, including world class hotel and hospitality services. It was on 19th June that the scheme got announced initially. Most UAE based travel agencies during that time were not aware about the government initiatives taken and hence, had declined many enquiries out of ignorance. A representative from Abu Dhabi’s Cozmo in a recent interview with the Gulf News organized in June had stated that they were not aware of the launch of tourist visa charge waiver. Hence, all customers were required to make payments for all the months. Also, they also claimed of not receiving any such official instruction or information from the immigration department. Several Tourism agencies within the capital including Greenline Travel & Tourism, Make My Tour and Musafir.Com claimed of not having derived any such information from the immigration officials. But other agencies had started to issue free visas to those in the under 18 segment, as they were in receipt of the communiqué last year. Thus, they simply accused those agencies of pleading unawareness and ignorance, just to extort money from the tourists. The Managing Director, Tarun Soni of Abu Dhabi based Soni Travels stated that since the previous year, they had been practicing the Under 18 visa charge waiver and also had processed several applications. Numerous families had already benefitted from this scheme and had visited the UAE without requiring to pay their child’s visa fees. The child’s tourist visa fee generally starts at Dh350.

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Launch of Crypto Currency Jointly by UAE and Saudi

Launch of Crypto Currency Jointly by UAE and Saudi

The UAE has been anti-crypto in the beginning. However, now it is one of the best countries for cryptocurrency projects in the world. An advantage of working in UAE is that there are no taxes imposed on cryptocurrency projects.

When did the Agreement Take Place?

UAE and KSA has jointly signed a bilateral agreement to initiate the development of a common cross-border digital currency The cross-border digital currency will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of Blockchain technology and facilitating cross-border payments. The important details of the same were released a little later jointly by the United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA). This is a strategic move on part of UAE because the current trend is that the blockchain companies are flocking towards the Middle East to tap the market, expecting a high market growth.

How shall it be implemented?

The name of the joint digital currency is ‘Aber’. The scope of the same is limited for the time being and it focuses on financial settlements on a probationary basis between the banks of both the countries on an exclusive basis. However, the official date for the launch of the same has not been released yet.

Crypto Laws in UAE

The FSRA (Financial Services Regulatory Authority) of Abu Dhabi Global Market (ADGM) is the main authority which regulates the cryptocurrency and blockchain projects in UAE. Others are SCA (Securities and Commodities Authority) and the DFSA (Dubai Financial Services Authority – DIFC) in a limited capacity. As of now, there is no federal law governing the crypto assets in the UAE. SCA has recently passed a draft regulation governing the crypto assets. It is the FSRA of ADGM which has issued the “Regulation of Crypto Asset Activities in ADGM”, which is the only guide available. To deal in crypto, there is a mandatory requirement to acquire the an OCAB (Operating a Crypto Asset Business) license from FSRA or the requisite license from DSFA. This license will allow the company to provide crypto services, such as providing storage facilities to the people, crypto asset exchange platforms etc. As on date, FSRA has given in-principle approval to three crypto asset licenses out of seven. The Dubai Multi Commodities Centre (DMCC) in Dubai grants Crypto trading license. However, it doesn’t allow launching an ICO or registering a crypto exchange. DMCC has also granted license to a major company to act as ‘deep cold storage’ for crypto assets thereby allowing customers to store their Bitcoins and other crypto assets with the company in DMCC vault.

What shall be the advantages of setting up crypto business in the UAE?

  • Higher accountability: The various authorities mentioned herein above directly deal with the customer, which eliminates the need for a middle man. The networking structure, on account of being peer to peer, brings more clarity and greater accountability.
  • Specialist mode of transfer: It is a large property rights database, which is beneficial for the parties to execute an agreement in a two-party contract on commodities like automobiles or real estate. Specialist mode of transfers can also be done through cryptocurrency.
  • Higher transparency: Under a regular cash- credit system, the banks or the credit agencies are involved and generally keep a tab on your history. This could involve keeping a check on your account balances to ensure that sufficient funds remain. Since cryptocurrency is a transaction between two parties, you can transmit exactly what you wish to submit to the recipient, and nothing else. There is greater transparency.
  • No transaction fee: All the remote and separate computer systems that do the number crunching, also known as data mining, that involves generation of cryptocurrencies like bitcoins, get their compensation from the cryptocurrency network involved; hence, there is no application of transaction fee. Although, if you get a third party to manage your services, an external fee could be charged.
  • Ease of accessibility: The facilitation of the exchange of cryptocurrency is done by digital transfer of data and through the internet. So it is accessible to anyone with an active internet connection. It is easy to access the relevant websites and portals and to extract the relevant information.
  • No hidden charges: The cryptocurrencies are not susceptible to transaction charges, exchange rates, interest rates or any other fee or levy which might be imposed by the parties. This makes easy cross border transactions since they can done without any complications and fluctuations that occur in the markets.
  • Security and authenticity of transaction: One of the greatest advantages of this is that unless you yourself allow the involvement of third parties, you are the sole owner of the both the private and public encryption keys that constitute the cryptocurrency network identity or address.

Conclusion

Cryptocurrencies are on the rise in the global market and ignoring the same will not be beneficial to the economy and the market. The UAE should dwell into this soon and come up with laws and regulations for the same. Source https://goodwinslaw.ae/lexwins/launch-of-crypto-currency-jointly-by-uae-and-saudi/