Customers of a business based in Dubai now have the option of paying for trade licences and visa fees using cryptocurrency. Kiklabb is a government-owned organisation that assists individuals in the establishment of their businesses in Dubai. Reports from the area suggest that customers of Kiklabb can now acquire trade licences by paying with Bitcoin, Ethereum, or Tether instead of the traditional monies.
According to Tasawar Ulhaq, the chief executive officer of Kiklabb, the decision to accept digital currencies as a form of payment was made in response to a “growing interest in cryptocurrency.” This was especially the case with the increase in customers coming from the blockchain and fintech industries in the region. Ulhaq continued by saying that a mode of payment that supports cryptocurrencies would make it possible for businesspeople from all over the world to access the United Arab Emirates and establish operations there (UAE).
He went on to say that it was only a matter of time before people “recognised” cryptocurrencies like Bitcoin, Ethereum, and Tether as legitimate forms of payment. Ulhaq asserted that Kiklabb is the first government-owned licencing entity in UAE to accept cryptocurrency payments, referring to digital currencies as “the payment method of the future.”
In addition, Ulhaq stated in a statement that:
I’m excited to see how this new technology will affect the way we conduct business in the not-too-distant future because it’s rapidly gaining popularity all across the Middle East.
In terms of the United Arab Emirates’ approach to developing technologies, the region has thus far introduced two strategies aimed at incorporating blockchain technology. The Emirates Blockchain Strategy 2021 and the Dubai Blockchain Strategy both contribute to the successful completion of transactions. According to the Emirates Blockchain Strategy 2021, “50 percent of government transactions” will be moved onto blockchain platforms.