The United Arab Emirates (UAE) has issued new reporting requirements for real estate transactions, requiring all real estate agents, brokers and law firms to report real estate transactions using virtual currencies as payment to the Financial Intelligence Unit. Likewise, real estate purchases or sales in which "the funds used in the transaction are derived from virtual assets" must also be reported. The UAE is one of the first countries to implement such a mechanism for real estate transactions involving virtual assets, which helps to combat money laundering and terrorism financing.