In Dubai, luxury real estate development company DAMAC Properties has added cryptocurrencies to its payment methods.
Bitcoin and Ethereum are making their way into the real estate industry in Dubai and the United Arab Emirates. Now, holders of these cryptocurrencies can purchase properties in the Arabian Peninsula country using their crypto assets.
Dubai-based luxury real estate development company DAMAC Properties recently reported that has added payments with Bitcoin and Ethereum among the payment options it offers to its clients and investors.
In a statement, the real estate company said it wants to revolutionize the future of real estate through innovative cryptocurrency-based solutions. Its plan, it explained, is to serve the digital economy by facilitating the conversion of cryptocurrencies into fiat currency and the direct sale of properties to holders of these crypto assets.
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Cryptocurrencies in Dubai's real estate industry
DAMAC Properties Chief Operating Officer Ali Sajwani said that the adoption of cryptocurrency payments is one of the company’s initiatives to accelerate the development of the new digital economy and build a new future for the real estate industry in the country and globally.
DAMAC Properties can integrate cryptocurrency payments thanks to the city's new crypto-friendly regulatory framework.
Last month, UAE Prime Minister and Ruler of Dubai Mohammed bin Rashid Al Maktoum announced the regulation of cryptocurrencies and the creation of an industry oversight authority to lead the new regulatory approach needed for the responsible development and adoption of digital assets globally.
Dubai, which has emerged in recent years as the leading financial centre in the Middle East, Africa and parts of Asia, also wants to become a global hub for development and innovation in cryptocurrencies and blockchain technology, to attract crypto players and investors and further boost its economic growth.
What is Dubai doing to become a cryptocurrency financial hub?
In the quest to become an international cryptocurrency financial hub, Dubai has hosted major events this year, such as the 15th edition of Art Dubai, where hundreds of artists exhibited their art as NFT and the Crypto Expo Dubai, which focused on promoting crypto regulation, the adoption of blockchain technology and decentralized finance (DeFi) to accelerate financial inclusion through cryptocurrencies.
The Emirati city also celebrated last month the Blockchain Week 2022, organized by Binance to discuss the innovation of new technologies and current trends in the crypto industry, such as NFTs and the Metaverse.
The city has also turned the World Trade Centre (DWTCA) into a crypto-regulated zone to boost cryptocurrency adoption. Additionally, in September 2021, the city’s Securities and Commodities Authority (SCA) enabled trading in bitcoin and other crypto assets in this free zone.
Last month, Dubai granted licenses to two major crypto exchanges.
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