UAE’s MAG partners with CoinMENA to accept crypto in real estate purchases

By Arya M Nair, Official Reporter
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MAG_CoinMENA crypto agreement
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MAG, the leading real estate developer in the UAE, has signed an agreement with CoinMENA, a leading crypto asset service provider in the Middle East and North Africa (MENA), to facilitate real estate purchases using cryptocurrencies.

The agreement further accelerates the growth of Dubai’s new economy. Under this agreement, the developer will accept stablecoins, including USDT and USDC.

CoinMENA is a Bahrain-based cryptocurrency financial services company that is regulated and licensed by the Central Bank of Bahrain as a crypto asset service provider – category 3. By allowing retail and institutional investors to connect their bank accounts with their CoinMENA wallets directly, the platform provides access to crypto asset investment options.

Talal Moafaq Al Gaddah_MAG_CoinMENA agreement
Talal Moafaq Al Gaddah
Senior Executive VC

“We are delighted to sign this agreement with CoinMENA to accept cryptocurrency transactions through its state-of-the-art platform. It is crucial for us to evolve, address current market dynamics, and meet the surpassing demands of our valued investors, who aim to convert their profitable gains into tangible assets using digital currency. As a catalyst for Dubai’s real estate industry, we will spare no effort to progress upon the emirate’s digital economy and consolidate its prominent global position.”

CoinMENA’s Founders, Mr. Talal Tabbaa and Dina Sam’an, commented in a joint statement that “We are excited to announce this agreement with MAG as it signals to the market that crypto adoption is growing and becoming a viable exchange medium to purchase ‘real world’ assets.”

Earlier this year, CoinMENA obtained a provisional virtual assets license from Dubai’s Virtual Assets Regulatory Authority (VARA) to continue its business operations in Dubai.

Related: ADGM launches crypto hub at Abu Dhabi Finance Week 2022