In the UAE, they have the first government-owned licensing entity that receives cryptocurrencies

In the UAE, they have the first government-owned licensing entity that receives cryptocurrencies

The Dubai Government-owned company recently announced that it will accept BTC, ETH and USDT.


17 Feb 2021 , 20:07 @ Matey Salt

In the UAE, they have the first government-owned licensing entity that receives cryptocurrencies

The Dubai Government-owned company recently announced that it will accept BTC, ETH and USDT.
Downtown of Dubai at night

The United Arab Emirates is accelerating the adaptation of cryptocurrencies, as evidenced by the Dubai Government-owned company, KIKLABB, which has decided to accept cryptocurrencies.

The announcement was published by the Arabian Business newspaper, which called the move “Crypto breaks through the UAE” and added that the government company would accept cryptocurrencies as payment method for trade licenses and visa fees.

The CEO of KIKLABB, Tasawar Ulhaq, also commented on the situation:

We’ve seen growing interest in cryptocurrency with several customers in the blockchain and fintech sectors part of the KIKLABB community, so it really was just a matter of time before we recognised Bitcoin, Ethereum and Tether.

Cryptocurrencies are the payment method of the future. KIKLABB has partnered with some of industry leaders to enable this solution.

As far as the UAE is concerned, the country is already being described as a leader in Blockchain adoption, mainly due to the new national strategy. The goal of this strategy is to conduct at least 50 percent of government transactions using the advanced payment technology by 2021.

According to the Dubai Future Foundation, the UAE can save more than $ 3B through  the implementation of Blockchain technologies.

Read also: The well-known mining pool BTC.com was bought by a Chinese lottery company

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