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Dubai government company is the first to accept bitcoin payments in the country

The firm owned by the government of the United Arab Emirates (UAE) KIKLABB, reported that in the free zone of Port Rashid, in Dubai, the companies will be able to make all payments regarding business licenses and visa fees in bitcoin (BTC) and other cryptocurrencies.

KIKLABB is a state-owned company, specifically of the Ports, Customs and Free Zone Corporation, which provides advice to companies wishing to establish themselves in the Dubai Free Zone. In addition to BTC, it will accept payments in ether (ETH) and Tether (USDT).

According to a local media, there is a technological structure that will allow KIKLABB to manage payments through an “end-to-end and virtual business setup. He added that, thus, “customers can register and pay for Dubai business licenses remotely, with bitcoin and using only their smartphone.”

In that sense, the CEO of KIKLABB, Tasawar Ulhaq, assured that they are working with international partners so that payments and transactions in digital assets comply with the regulations in force in that country.

He also expressed that they are the first government entity that grants licenses that will accept payments in cryptocurrencies and consider that they will not be the last to do so.

“With technology rapidly gaining ground in the Middle East, I am eager to see how it changes the way we do business in the near future,” Ulhaq said.

Blockchain development in the United Arab Emirates

The interest on the part of the UAE government in blockchains led them to create in 2018 what they called the Emirates Blockchain Strategy 2021 project.

The plan aims to “transform the 50% of government transactions on a blockchain platform”For this year, as stated on the government website.

In addition, they have a project with which they want to manage the life cycles of vehicles in the United Arab Emirates using, for this, a blockchain.

“The project wants to provide automakers, dealers, regulators, insurance companies, buyers, sellers and workshops, a transparent record of the history of the vehicle, from the manufacturer to the junkyard,” they explain.

Recently, CriptoNoticias also reported that the Dubai Financial Services Authority (DFSA) unveiled its 2021-2022 business plan, in which they highlighted the intention to promote a public consultation, in order to provide a regulatory environment for bitcoin, cryptocurrencies, and other digital assets.

The director general, head of strategy, policies and risks of the DFSA, Peter Smith, detailed that they will seek to regulate “a wide range of digital assets, including security tokens, utility tokens, as well as the exchange or payments with cryptocurrencies, and to companies that provide relevant services in these markets ”.