United Arab Emirates (UAE) authorities have ordered real estate agents to alert money laundering authorities about transactions paid in digital assets. This is reported by the Emirates agency.

Against the background of the emergence of cryptocurrency companies in the UAE, some local developers have announced that they have started accepting payments in bitcoin and Ethereum. In April, DAMAC Properties, one of the largest developers in Dubai, provided such an opportunity to clients.

Requirements apply to individuals and legal entities and transactions exceeding Dh55,000 (~$15,000). The purchase can be paid in full or in part with cryptocurrency – there is no minimum limit.

Abdullah Sultan bin Awwad Al Nuaimi, Minister of Justice, said, “The introduction of reporting rules for certain real estate transactions is another example of how the UAE is coordinating government and private sector efforts to strengthen the national framework to combat money laundering and terrorist financing.” said.

Brokers, agents and law firms must submit reports to the UAE Financial Intelligence Service.

In March, Dubai authorities passed a law on virtual assets and established a regulatory agency. Immediately after that, the “daughter” of FTX received approval for work, and at the end of July – received a full license to provide services for the exchange and exchange of digital currencies.

Cryptocurrency exchanges Binance, OKX and Huobi also received temporary permits.

Recall that in June Okada & Company put up for sale an office building in New York in the form of an NFT for 15,000 ETH.

Earlier, the owner of an apartment in Braga, Portugal, sold it for 3 BTC without converting it to fiat.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.