Dubai opens up to crypto
The free zone KIKLABB, an entity belonging to the government of the United Arab Emirates, will now accept cryptomoney as a means of payment. Payments in encrypted cash will only apply to visa fees and commercial licences issued by KIKLABB.
Based in Dubai, KIKLABB offers state-of-the-art workspaces and tax benefits to companies setting up in Dubai.
KIKLABB customers will be able to register and purchase commercial licenses online with cryptomoney. Payments can be made in Bitcoin (BTC), Ether (ETH) and Tether (USDT) according to Gulf News.
"The company would work with international partners, which will help in the processing of transactions madewith cryptomasks and ensure compliance with regulations", according to Tasawar Ulhaq, CEO of KIKLABB.
Dubai is showing a growing interest in the block chain, AND IF?
It may be that the experience brought by KIKLABB is just the beginning of a great adventure for Dubai. The country would be thinking about how the use of cryptomoney could be applied more widely. This reflection could lead to a wider adoption of cryptography in official transactions.
Today, Dubai is already experimenting with encryption on its own scale and is keen to continue to explore this further. Companies in the real estate sector are already conducting transactions through Bitcoin and residents are increasingly convinced by this practice.
The Dubai Future Foundation is urging the UAE to look into the benefits that the blockade could offer. It estimates that "the UAE could save more than $3 billion by implementing advanced blockchain technology," according to Gulf News.
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