According to a report by Arab News on Tuesday, clients of Dubai government-owned licensing company KIKLABB can pay visa and commercial licenses fees via cryptocurrencies.
Supported cryptocurrency payment options are Bitcoin (BTC), Ether (ETH), and Tether (USDT).
Commenting on the move, KIKLABB CEO Tasawar Ulhaq said the decision is in line with the growing allure of cryptocurrencies in the fintech space, adding:
“It was really a matter of time before we got to know Bitcoin, Ethereum and Tether. Cryptocurrencies are the payment method of the future.”
Adopting cryptocurrency payment options is KIKLABB’s plan to expand its virtual and online business setup. Back in 2020, amid the coronavirus pandemic, the licensing company began offering remote registration to clients.
The company was also one of the first to benefit from the resumption of diplomatic relations between the United Arab Emirates and Israel as the company signed a cooperation agreement with NY Koen Group.
Per Ulhaq, while KIKLABB is the first government entity in the UAE to accept cryptocurrency payments, other groups will soon follow. According to the CEO of KIKLABB, crypto technology and blockchain are witnessing heavy adoption not only in the UAE but across the Middle East.
As Cointelegraph previously reported, the DFSA is working on crypto regulations as part of its 2021 business plans. In fact, Dubai’s cryptocurrency-friendly policies have led to Ripple to open a regional office in the city amid talks about an exit from the United States. .
Blockchain adoption in the UAE has spread to the agricultural sector using new technology to create a supply chain management platform to obtain products directly from farmers in India.
The United Arab Emirates and Saudi Arabia are also working on a joint central bank research study on digital currency, dubbed the “Aberde Project”.
The adoption of cryptocurrencies and blockchain in the UAE has seen another milestone, as the state-owned licensing company KIKLABB is now accepting crypto payments for its services.