A number of cryptocurrency exchanges have set up great avenues for businesses and individuals to sell USDT due to the growing demand for cryptocurrencies in the UAE.
USDT is a stablecoin. Like other currencies, it can be used, stored, and transferred across various platforms.
Dubai is at the heart of the Middle East’s businesses and startups. As a result, trading and exchanging cryptocurrencies are increasingly getting popular. The demand from these organizations propels the development of innovative organizational models, such as those offering blockchain and cryptocurrency services.
Given this, it should come as no surprise that more and more people are showing an interest in learning how to sell cryptocurrencies safely and quickly. And it’s now easier than ever to trade USDT.
First things first: Is it legal to sell USDT in Dubai?
You can sell USDT in Dubai without concerns about breaking the law. It is because there are no restrictions on crypto assets in UAE; residents are permitted to own and trade cryptocurrencies.
The Abu Dhabi Global Market (ADGM), a local regulatory body, approved Tether (USDT) as a legitimate asset class for trading purposes, just like BTC and ETH.
What are the steps for selling USDT on a Dubai-based Exchange?
To sell USDT in the Dubai based Exchanges, one usually has to follow the steps below:
- Signing up and depositing your USDT on the exchange.
- Browse for offers: Different traders worldwide buy and sell different cryptocurrencies. So you can find the best trade or create your offer.
- Enter a trade when you find an ideal offer.
Taxes and regulations for Selling USDT in Dubai
The crypto market has exploded in recent years. Ordinarily, this would result in the investor paying more in taxes. However, the UAE gives you the opportunity to avoid paying the taxes which are levied in western nations.
Crypto investors who relocate to Dubai stand to gain significantly. In contrast to other jurisdictions, Dubai does not impose personal or capital gains taxes. Most countries require you to report profits in accordance with IFRS-IRS accounting rules, First in, First out (FIFO), Last in, First out (LIFO), or both.
However, if you are trading cryptocurrencies on a personal level in the UAE, you do not need to be concerned about complicated and costly calculations. Nevertheless, you must be able to prove the coins’ legality and traceability if you are cashing out.
The Virtual Assets Regulation Law passed on February 28, 2022, is Dubai’s first cryptocurrency law. Its main objective is to protect investors and regulate cryptocurrencies in Dubai. The UAE also established VARA (Virtual Assets Regulatory Authority), an independent regulatory body, to oversee the local cryptocurrency market.
VARA controls the exchange of virtual goods and virtual tokens, regulates and approves virtual asset providers, and ensures that investor data is kept safe.
How do you sell USDT in Dubai?
If you’re planning to sell USDT in Dubai, an over-the-counter (OTC) store is the perfect option.
Still, there are other ways to sell USDT. For example, you can go through a cryptocurrency exchange or a peer-to-peer platform. Using a peer-to-peer platform is appropriate if you’d like more control over the sale of your USDT.
Here, you can choose your price and terms thanks to these platforms’ direct connections between buyers and sellers. You will, however, have to look for a buyer on your own, which could take some time. But this also means that if you are willing to wait for the right buyer, you can get a better price for your USDT.
There are also other risks associated with the peer-to-peer route, which are:
- In P2P, you don’t know who you are dealing with.
- There is the risk of losing money since the second party can receive the money and avoid releasing your crypto.
- You don’t have any information from the second party to follow up on your transaction.
- There might be the risk of criminal or black money being involved, as there are no guarantees that the money comes from a legal source.
The factors above make Cryptodesk (OTC) service better than P2P services. To successfully sell USDT via a cryptocurrency exchange, you should follow these steps:
Find a reputable cryptocurrency exchange that accepts USDT
You can easily trade USDT for assets like cash or other altcoins through a cryptocurrency exchange. You can also Buy USDT from these exchanges. The best cryptocurrency exchanges are secure, affordable, easy to set up and use, and they support various payment options.
Several significant crypto exchanges, including Binance, KuCoin, OKX, and Crypto Desk, support USDT. Crypto Desk is a Crypto exchange in UAE that also provides over-the-counter (OTC) services.
Transfer USDT to your exchange wallet
After registering and setting up your account, you will need to transfer your USDT to the crypto exchange wallet on the website.
With Crypto Desk, you can simply visit their physical office with the USDT and your KYC documents (EID or Passport).
You can make an appointment via their Customer Support Service, available on their Whatsapp and website.
Get cash or proceed to withdraw from your bank account
After depositing the USDT on the crypto exchange wallet and selecting the trade, transactions take place within their secure ecosystem and take only a few minutes to complete. They can then be sent to your preferred bank account.
However, choosing the OTC path means you can instantly get the payment in cash or any other preferred method.
USDT is legal and tradeable in UAE. When selling USDT in Dubai or anywhere, conducting a thorough search for the ideal cryptocurrency exchange is crucial.
As said earlier, an over-the-counter (OTC) store is the perfect option when looking to trade cryptocurrencies in Dubai.
Therefore, Crypto Desk is the best Cryptocurrency exchange in Dubai as it combines both the online and the OTC aspects of crypto trading.