Dubai announces another crypto related service, further establishing themselves as fastest-growing free economic zone in the UAE
Kiklabb, a government-owned body in Dubai, has started to accept bitcoin as part of its payment services. In addition to bitcoin, Kiklabb are also accepting ether and tether as forms of payments. This is according to media in Dubai.
Who are Kiklabb?
Kiklabb is a free trade zone that aids companies to settle in Dubai, issuing trade licences as well as other important visas. It was formed in 2019, to provide a high class service to customers looking at Dubai as a potential business opportunity.
The entity leases offices to their customer base on-board the cruise liner - Queen Elizabeth 2 - which is situated in Port Rashid.
To acquire these office spaces, Kiklabb are now accepting payments in cryptocurrency, namely Bitcoin.
Kiklabb's CEO, Tasawar Ulhaq, said:
The move comes as a response to a “growing interest in cryptocurrency with several customers in blockchain and fintech (financial technology) sectors,”
This move will boost Dubai's accessibility for global entrepreneurs to set up shop in the city.
“It really was just a matter of time before we recognized Bitcoin, Ethereum, and Tether. Cryptocurrencies are the payment method of the future."
Dubai's crypto position
Since 2020, Bitcoin has smashed through barriers, surpassing the $50,000 mark recently. This new venture by Kiklabb is in line with the Dubai Financial Services Authority (DFSA) who released consultation papers with plans to establish a regulatory framework for cryptocurrencies.
Furthermore, Dubai authorities have been releasing licences through the DMCC (Dubai Multi Commodities Centre) to companies that specifically trade in cryptocurrencies, resulting in the zone becoming the fastest-growing free economic zone in the UAE.
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