UAE Now Requires Agents to Report Real Estate Transactions Where Virtual Curr...
The United Arab Emirates (UAE) has said it now requires real estate agents, brokers, and law firms to report to the Financial Intelligence Unit real estate transactions in which virtual currency is used as payment. Similarly, real estate purchases or sales where “the funds used in the transaction are derived from a virtual asset” must also be reported. Identification Documents of Parties to the Transaction Must Be Recorded The United Arab Emirates (UAE) government has said it is introducing new reporting requirements for real estate transactions wherein virtual....
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While the metaverse has become very popular, virtual land sales have seen significant demand in recent times. Virtual real estate has become expensive, in comparison to the prices 12 months ago, and virtual parcels stemming from a couple of blockchain metaverse projects have sold for seven figures. With virtual real estate getting extremely pricey, one firm called Terrazero Technologies is offering metaverse mortgages.
Terrazero Provides Metaverse Real Estate Loans to People Looking to Acquire Virtual Land and Homes
At the moment virtual real estate has become a hot commodity as....
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Virtual lands are all the rage, but why are real estate investors pouring literal millions into metaverse properties? Let’s break it down. Real estate in the metaverse is booming, but will it last?It’s no secret that investors are spending millions on metaverse real estate. But one must wonder if these investments are based on a fad.While there has always been speculative interest in metaverse properties, since projects like Decentraland launched, interest shot up upon Facebook’s name change to Meta. The social media entity has certainly faced some controversy, but there’s no denying its....
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