The Dubai Free Zone trade license issuing entity owned by the government, KIKLABB has confirmed that it will accept Bitcoin and other cryptocurrencies as payment, thus becoming the first UAE government entity to enable this transaction.
Apart from Bitcoin, KIKLABB will also accept Ethereum and Tether which makes the entity the first to debut a truly virtual end-to-end business setup experience. The customers can now register, pay for Dubai trade licenses and visa fees remotely and with a virtual currency, using just their smartphone.
“KIKLABB is collaborating with international partners for payment processing of cryptocurrency transactions, guaranteeing all regulations are adhered to as a government-owned entity. We’re the first government-owned licensing entity in the UAE to accept cryptocurrency payments and certainly not the last. With the technology rapidly gaining traction across the Middle East, I’m eager to see how it changes the way we do business soon.”
UAE is already making progress in the Blockchain front, which is the enabling technology behind these virtual currencies. According to MarketsandMarkets, a research firm, the global Blockchain market size is estimated to grow from $3 billion in 2020 to $39.7 billion by 2025.
Currently, Dubai is creating a framework for the wider use of these assets, which could spur further acceptance and wider adoption of cryptocurrency in official transactions. The UAE has a national strategy to conduct 50 percent of government transactions using Blockchain this year.
In addition, the Dubai Future Foundation estimates that the UAE could save over US$3 billion simply by implementing advanced blockchain technologies. The local real estate sector is witnessing its share of Bitcoin-driven deals increasing, while other crypto coins are gradually convincing more residents to start using them.