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If a business is not licenced under Article 48 of the security law with regard to the promotion, advertisement, or encouragement of dealing with cryptocurrency, it will be subject to a penalty ranging from AED 20000 to AED 50000 or more.
At present, there is no distinct IFRS standard for the transactions related to the cryptocurrency.
It is legal to trade with cryptocurrency and other virtual assets in the UAE, but only with permission from the VARA.
Operations of virtual assets like cryptocurrencies are regulated and monitored by the VARA authority in the UAE.
As of now, the cryptocurrency is considered an intangible asset under the law, as there is no other standard for the same.
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