Key Takeaways
- Ashish Mehta & Associates, a Dubai-based law firm, will accept payments in Tether, Bitcoin, and Ether
- Citizens School will be accepting crypto payments in BTC and ETH.
Ashish Mehta & Associates, Solicitors and Legal Consultants, a leading Dubai-based law firm, has announced plans to start accepting crypto payments. The new announcement paves the way for the law firm’s clients to pay for services in digital currencies, including Tether, Bitcoin (BTC), and Ether (ETH).
Commenting on the development, Ashish Mehta, the founder and Managing Partner of Ashish Mehta & Associates, said, “The world is moving towards digital solutions to keep up with the advanced developments. But I would like to highlight that the regulatory and compliance framework devised by the government of Dubai and the United Arab Emirates has greatly encouraged our firm to accept payments in cryptocurrencies.”
He further added that the government providing a regulatory framework has also further encouraged other leading local companies to embrace crypto. Crypto Payments are accepted through a partnership with a digital currency platform that processes cryptocurrency payments and automatically converts them to Dirhams.
While reporting cryptocurrency profits and expenses on the annual tax returns may come across as cryptic and rather confusing now, Mehta explains regulatory clarity will soon be revealed making it easier for people to understand. “Sooner than later, regulations in the UAE will provide us or will require us to report these in a certain format. We will obviously have to comply with the guidelines accordingly.” The founder also stated that he has always believed in and followed the vision of the Dubai government, which recently saw it form the Virtual Asset Regulatory Authority (VARA).
School Accepts Crypto Payments
Citizens School, a renowned Dubai-based school, has also announced plans to integrate a crypto payments option. The school opens in September and will be accept BTC and ETH. Through these plans, Citizens school seeks to offer students flexible payment options. Dr. Adil Alzarooni, the school’s founder, noted that the school aims to disrupt the education sector by redesigning every element of the learning experience, including how parents pay tuition fees.
According to reports, the Middle East is one of the fastest-growing cryptocurrency markets in the world, making up 7% of global trading volumes. Acceptance of cryptocurrencies and digital assets is growing rapidly in the UAE. Earlier, a Dubai-based grocery delivery service called YallaMarket also announced its plan to accept cryptocurrencies as a form of payment on its mobile app.
