Looking at the exploding popularity of digital currencies, KIKLABB, a free trade zone based in Dubai has decided to dive into the cryptocurrency world. KIKLABB has confirmed that it will now be accepting payments in cryptocurrencies. This decision makes this free zone of Dubai, the first entity in the United Arab Emirates to begin accepting digital currencies.
KIKLABB To Accept Payments In Three Digital Assets Including Bitcoin
The news media outlet Gulf News reported this news on Tuesday, the 16th of February saying that KIKLABB is going to start accepting digital currency payments which will make it the first UAE government-owned entity to do so.
As per the report, initially, the free zone will accept payments in three digital currencies including Bitcoin, the largest crypto by market value in the world, Ethereum’s ETH, the second-ranked crypto, and Tether (USDT) the biggest stablecoin in the world. Customers in this free zone will now be able to use these three digital assets to pay for visas and trade licenses in Dubai. The entity said that customers could use their smartphones to register, and then they can access this service.
Tasawar Ulhaq, the Chief Executive Officer (CEO) of KIKLABB, said that for the processing of digital currency transactions, they are making certain collaborations with various international partners. Furthermore, he claimed that they are the first entity in the United Arab Emirates to allow payments in digital assets. However, they are certainly not the last one as he expects others to accept cryptocurrency payments in the future too.
In the end, he said that the technology is gaining rapid traction all across the region of Middle East and he is very keen to see how this technology is going to change their way of doing business in the coming future.
Cryptocurrencies are witnessing rapid adoption in the United Arab Emirates, especially in Dubai. Reportedly, the government of Dubai is working on the development of a framework for the usage of these digital assets. This framework will further boost the adoption and acceptance of cryptocurrencies out there. In addition to this, the UAE government is outlining a national strategy for Blockchain. As a part of this strategy, it intends to utilize blockchain technology for conducting around 50% of the transactions by the end of this year.