The government of the United Arab Emirates (UAE) says it is introducing new reporting requirements for real estate transactions that use virtual currencies as payment methods.
According to a report published by WAM, the decision to change reporting requirements came after several meetings and discussions between the UAE’s Ministry of Economy, Ministry of Justice and the Financial Intelligence Unit (FIU). Discussions focused on how real estate agents, brokers and law firms should report real estate purchases or sales to the FIU.
As part of the new reporting requirements, real estate agents are required to report to the FIU “all cash transactions with single or multiple cash payments equal to or above 55,000 AED (approximately $14,974). Including the use of virtual assets, agents and brokers must report to the FIU.