Located in Dubai, the KIKLABB free zone has announced that its customers will be able to make cryptocurrency payments on its platform. The country remains in the process of thinking about how it could expand blockchain technology nationwide.
Dubai opens up to cryptocurrencies
The KIKLABB free zone , an entity owned by the government of the United Arab Emirates, will now accept cryptocurrencies as a means of payment. Payments in cryptocurrency will only apply to visa fees and business licenses issued by KIKLABB.
Based in Dubai, KIKLABB offers state-of-the-art workspaces as well as tax benefits to businesses that set up there.
KIKLABB customers will be able to register and purchase commercial licenses online with cryptocurrency . It will be possible to make these payments in Bitcoin Profit, Ether (ETH) and Tether (USDT) according to Gulf News .
The company would work in collaboration with international partners , which will help with the processing of transactions made in cryptocurrencies and ensure compliance with regulations, according to Tasawar Ulhaq, CEO of KIKLABB.
Tasawar Ulhaq believes that this first experience will contribute to the development of cryptocurrencies in the United Arab Emirates:
“We are the first government entity in the United Arab Emirates to accept cryptocurrency payments – and certainly not the last. With technology rapidly gaining traction in the Middle East, I can’t wait to see how it will change the way we do business in the near future. “
Dubai has a growing interest in blockchain
The experience KIKLABB brings might just be the start of a great adventure for Dubai. The country is said to be considering how the use of cryptocurrencies could be applied more broadly. This reflection could lead to a greater adoption of cryptocurrencies in official transactions .
Today, Dubai is already experimenting with cryptocurrencies on its own scale and wishes to continue to dig in this direction. Companies in the real estate industry are already transacting through Bitcoin and residents are increasingly convinced by the practice.
The Dubai Future Foundation is pushing the UAE to look into the benefits that blockchain could offer them. She estimates that „the United Arab Emirates could save more than $ 3 billion by implementing advanced blockchain technologies,“ according to Gulf News.
The country is expected to implement a national blockchain strategy this year and hopes to achieve 50% of government transactions using the latter.