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Bitcoin and Other Digital Currencies to be Accepted for Donations this Ramadan

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Staff Writer, TLR

Published on March 7, 2024, 14:11:34

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Bitcoin, digital payment, donations, Ramadan, crypto, cryptocurrency

Authorities in the UAE have announced that Bitcoin and other digital currencies will be accepted for donations during Ramadan, alongside conventional methods such as cash, in-kind contributions and digital payments.

Various fundraising avenues exist, including vouchers, SMS campaigns, markets, exhibitions, auctions, and charity dinners. Additionally, donors can contribute through monthly deductions, bank transfers, social media, and digital platforms.

Mohammed Naqi, Director of the Ministry of Community Development's non-profit public associations department, cautioned against unlawful fundraising activities. Only approved entities, such as associations, federal and local authorities, and non-profit organisations, are permitted to raise funds for charity after obtaining authorisation.

Unauthorised fundraising can result in fines ranging from Dh200,000 to Dh500,000 and imprisonment. Repeat offenders may face doubled penalties, while entities falsely claiming charitable status could be fined up to Dh100,000. Authorised entities must acquire permits for fundraising, and donations must be channeled through charitable organisations; individual fundraising activities are prohibited.

Naqi emphasised that the law aims to prevent exploitation and terrorism financing, underscoring the importance of verifying licensed entities before donating. A list of accredited organisations authorised to collect donations is available on the Ministry of Community Development's website, and suspected violations can be reported to their call centre at 800623.

For any enquiries or information, contact ask@tlr.ae or call us on +971 52 644 3004Follow The Law Reporters on WhatsApp Channels.

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