Key Takeaways:
- Damac Properties, Dubai’s leading developer of bespoke homes and luxury destinations, has announced that it will begin accepting cryptocurrency as payment.
- The real estate company, in particular, will make it possible to buy properties using Bitcoin (BTC) and Ethereum (ETH).
As a result of Dubai’s crypto support, many cryptocurrency exchanges and businesses are expanding or shifting their operations to the Emirati market. Binance, for example, has received in-principle approval from Abu Dhabi Global Market, and its CEO, Changpeng Zhao, has considered Dubai as a location for its global headquarters and his personal residence.
Since 2002, Damac Properties has been at the forefront of the Middle East’s luxury real estate market. The group’s goal is to provide residents from all over the world with luxury living experiences.
Parts of the United Arab Emirates appear to be experiencing an increase in crypto culture (UAE). In a current advancements, Dubai-based real estate developer Damac Properties has chosen to take cryptocurrency payments. Bitcoin and Ether, the top two cryptocurrencies in terms of valuation, have been designated as acceptable payment methods for real estate purchases. The company intends to be at the forefront of “revolutionising the future of real estate,” while also providing customers with more payment options.
“From developing luxury homes to creating unique experiences, DAMAC Properties has always been at the forefront of innovation,” said Ali Sajwani, the company’s general manager of operations and the leader of its digital transformation initiatives. “This shift to customers holding cryptocurrency is one of DAMAC’s initiatives to accelerate the new economy for younger generations and the future of our industry.”
The announcement was also originally shared on Twitter by the developers.
Sajwani has urged other global businesses to include cryptocurrency transactional modes in their services as well.
“It is critical for global businesses like ours to stay ahead of the curve.” “Providing another transactional mode is exciting, and we are pleased to recognise the value this technology brings to our customers,” he said.
In recent times, Dubai has accelerated its efforts to establish itself as a worldwide crypto hub before others catch up. This step by DAMAC demonstrates a regional commitment to nurture a Bitcoin economy as the UAE attempts to create itself as an inviting territory for the advancement of cryptocurrency businesses.
Kraken was recently approved by the ADGM and the Financial Services Regulatory Authority to become the first cryptocurrency exchange to offer direct funding and trading in UAE dirhams against bitcoin.
In March, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum signed a new law governing virtual assets, as well as constructing an independent body to oversee crypto governance.
Soon after, a Dubai-based school declared that it is considering accepting Bitcoin and Ether as tuition payments, making it the first school in the Middle East to do so.
Companies such as Binance, Bybit, and Crypto.Com have begun to establish themselves in Dubai. Binance is also planning on opening an office in the Middle East, as the exchange recently received permission to operate in Abu Dhabi. Last month, Bybit received approval to establish a headquarters in Dubai.
The Dubai Media Office announced in December of last year that the Dubai World Trade Centre (DWTC) will become a crypto zone for virtual assets – which include digital assets, products, operators, and exchanges.
As per Citi, the new surge of cryptocurrency businesses in Dubai and Abu Dhabi is due to increased regulatory clarity.
According to Chainanalysis data, the Middle East accounts for 7% of global cryptocurrency trading volumes and is one of the world’s fastest-growing cryptocurrency markets.
In addition, relevant authorities in Dubai are working to enforce strict laws for investor protection, anti-money laundering section, helping to fight terror financing, enforcing adherence, and allowing cross-border deal flow tracing.
