The United Arab Emirates, in step with its plans to become a cryptocurrency and technology hub, will begin requiring real estate agents to issue warnings regarding money laundering to authorities.
The government is seeking to take drastic measures to ensure that any real estate transaction must be reported to money laundering watchdogs if they use virtual assets, or funds derived from virtual assets, even for a fraction of the value of the house.
The new regulation will allow little room for illegal practice through cryptocurrencies, which could lead to a negative result within the real estate sector if it were to occur.
These measures are also aligned with those of the International Financial Action Task Force, which establishes global guidelines that seek to combat money laundering and terrorist financing.
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