- Dubai is progressing on its journey to transform into a global crypto hub.
- As of now, the firm will accept only Bitcoin and Ethereum.
Binghatti, one of the leading real-estate developers in Dubai, announced in a press release through Khaleej Times on Thursday that it would accept cryptocurrencies as a means of payment. The firm confirmed that it would initially adopt Bitcoin and Ethereum.
The firm will enable its clients to purchase both the existing and upcoming projects with cryptocurrencies. Also, they plan to boost their market by diversifying payment options.
Muhammad Binghatti, CEO of Binghatti Developers said:
“We are starting with these two cryptos because these are the most widely accepted and we’ll see later whether to expand and add more cryptos”
The firm has also announced to tailor a specific payment process to shield its investors from market volatility. As per the process, clients will initiate their crypto payments through a unique link that gets updated every 10 seconds. The firm’s account will eventually receive the crypto payments in their fiat forms only.
Accelerating Crypto Adoption In The UAE
La Haus, a Latin American prop-tech, became the first real-estate firm to accept crypto payments in November 2021. Whilst in Dubai, real estate developers, Damac Properties became the pioneer.
In mid-May, as per the report from Khaleej Times, a Dubai-based law firm, Ashish Mehta and Associates announced their plans to accept Tether (USDT), Bitcoin, and Ethereum as payment options. Yalla Market, a grocery delivery service, chose to allow Tether (USDT), and USDC payments too. Surprisingly, Citizens Schools in Dubai also announced that it soon would accept cryptos as tuition fee payments.
Global crypto adoption is the trending talk in the crypto space amid the market dips. Recent plans and announcements in the UAE portray the nation’s determination to become a global crypto hub. The government laid a concrete legal framework for regulating virtual assets and also established a regulatory body called Virtual Asset Regulatory Authority (VARA).
VARA topped the headlines by becoming the first regulatory authority to set its headquarters, MetaHQ, in the Metaverse. Additionally, the government in late May announced the establishment of the Digital Economy Task Force Group to monitor the recent trends in the digital economy space.