Cryptocurrency has only been in circulation since 2009, but is gaining in popularity. Its fluid and insubstantial form pose a problem for many jurisdictions that are scrambling to introduce ardent filing to bring in capital gains taxes on this currency.
Dubai at present has 0% personal income tax. This means that there is zero tax on any gains including gains on crypto currency. It also eliminates the extensive record keeping and filing that other countries are introducing in relation to this form of currency.
There are also no capital control restrictions in Dubai, this means that you can transfer and receive large amounts of any currency including Crypto without having to deal with extensive paperwork and/or limits.
Cryptocurrency is also well regulated in Dubai. Whilst other countries struggle to deal with placing controls on Cryptocurrency and therefore are placing restrictions and even in some cases banning the currency Dubai has ease of doing business where it is concerned.
Dubai has long demonstrated its modern and adaptable policies when it comes to today’s financial society and for this reason it has become the hot spot when dealing efficiently in Cryptocurrency.