Bitcoin, Ethereum, and other cryptocurrencies are now accepted as a payment method in the KIKLABB free trade zone located in the city of Dubai, becoming the first government department in the Emirates to support payments with cryptoassets.
Now Bitcoin (BTC), Ethereum (ETH) y Tether (USDT), three of the cryptocurrencies, most popular and important on the market, can be used to make payments in the KIKLABB free trade zone, run by the government of Dubai. Kiklabb, as the state-owned company is also called, is responsible for issuing business licenses and other types of documentation necessary for trade at Mina Rashid, one of the largest and most prestigious ports in the United Arab Emirates.
The information was revealed by Tasawar Ulhaq, CEO of Kiklabb, who confirmed to a local media that the free trade zone is the first in the country to offer a truly digital payment experience to merchants and companies that operate in it. Ulhaq highlighted that the company is working with international partners to ensure the processing of payments and transactions with cryptocurrencies, in a way that complies with all regulations established by the government.
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Innovation and development
Bitcoin is a cryptocurrency of great interest to the government of the United Arab Emirates (UAE) and its population. So much so, that in recent years, the country has been enacting new laws to establish a regulatory framework in accordance with the technological developments and innovation that cryptoassets represent.
The country has a strong conviction towards cryptocurrencies and technology blockchain, and strives to become one of the first nations in the world to introduce a solid legislative basis for the development of new technologies. It is this conviction and confidence in the power of crypto assets that leads the UAE government to approve cryptocurrencies as a payment method in the KIKLABB free trade zone.
Payment of licenses with cryptocurrencies
The integration of cryptocurrencies as a payment method in KIKLABB facilitates the management of merchants and companies that want to obtain a commercial license in the area. Ulhaq explained that from now on customers and merchants can pay for their licenses and services remotely, from anywhere, using cryptocurrencies and stablecoin most popular on the market: Bitcoin, Ethereum and Tether.
This new payment methodology also brings an air of innovation and development to Dubai and the United Arab Emirates, which has carved out a place for itself as one of the most developed and ultra-modern countries in the world. Dubai, for its part, is known as one of the most luxurious cities in this country, where much of the commercial activity of the Emirates occurs.
According to Ulhaq's statements, Kiklabb also offers office rental services on board the magnificent Queen Elizabeth 2 cruise ship, anchored in the Rashid. These rental services can also be paid for with cryptocurrencies.
Growing interest in cryptocurrencies
Cryptocurrencies and blockchain technology are increasingly gaining ground, both in the Middle East and around the world, which is why Kiklabb is proud to be “the first government-owned licensing entity in the UAE to accept cryptocurrency payments”, and she certainly expresses that she will not be the last to do so.
Kiklabb's CEO says he is eager to see and discover how the integration of these cryptocurrencies will change the way the company does business in the near future. He also stated that the integration of cryptoassets as a payment method for his services was a matter of time, since Kiklabb has been working for some time with companies and clients immersed in the blockchain and cryptocurrency industry.
“We have seen growing interest in cryptocurrencies, with several clients in the blockchain and fintech sectors being part of the Kiklabb community, so it was really only a matter of time before we recognize Bitcoin, Ethereum and Tether.”
The United Arab Emirates is preparing to turn Dubai into a true financial center for digital assets, pushing for new regulation for cryptocurrencies through the DFSA, the Dubai Financial Services Authority. The country is also experiencing, together with Saudi Arabia, the issuance of a digital currency CBDC double issue, which facilitates commercial transactions and payments between both nations.
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