Bitcoin and other Cryptocurrencies will be accepted as a form of payment in Dubai

Dubai: KIKLABB, the Government-owned licensing solutions, confirmed that it will now accept Bitcoin and other cryptocurrencies as a form of payment in Dubai. This will apply to all payments related to trade licenses and visa fees issued by it.

Aside from Bitcoin, KIKLABB will also accept Ethereum and Tether. The entity bills itself as the “first to debut a truly virtual end-to-end business setup experience”. Of which “customers can register as well as pay for Dubai trade licenses remotely and with a virtual currency, using just their smartphone.”

“We’ve seen growing interest in cryptocurrency, with several customers in the blockchain and fintech sectors part of the KIKLABB community. So it really was just a matter of time before we recognized Bitcoin, Ethereum, and Tether. Cryptocurrencies are the payment method of the future,” said Tasawar Ulhaq, CEO of KIKLABB.

“We’re the first government-owned licensing entity in the UAE to accept cryptocurrency payments, and certainly not the last. With the technology rapidly gaining traction across the Middle East. I’m eager to see how it changes the way we do business in the near future,” he added.

“We’re in talks with high-profile players in the cryptocurrency sector who are exploring entry into Dubai. In addition, we have a robust community of local and international companies associated with smart contracts and blockchain. With private equity working alongside start-ups in the fields of education, healthcare, and food technology.”

KIKLABB Dubai’s newest free zone

KIKLABB, one of Dubai’s newest free zones. Also leases office space to its clients on board the QE2, anchored at Port Rashid.

“KIKLABB is collaborating with international partners for payment processing of cryptocurrency transactions. Guaranteeing all regulations are adhered to as a government-owned entity,” Ulhaq said.

Dubai is developing a framework for the wider use of these assets. Which could encourage further acceptance and wider adoption in official transactions.

The UAE has a national strategy in place on Blockchain and hopes to conduct 50% of government transactions using it this year.

Moreover, the Dubai Future Foundation estimates that the UAE could save over $3 billion simply by implementing advanced blockchain technologies.