logo

Bitcoin payments now accepted in Dubai free trade zone

Bitcoin payments

TL;DR Breakdown

  • Kiklabb, a Dubai licensing entity, now accepts Bitcoin payments. 
  • The CEO, Tasawar Ulhaq, says the initiative is a response to the demands of its clientele.

Kiklabb now accepts Bitcoin payments

With the prevalence of Bitcoin and the seeming drive from large companies like MicroStrategy and Tesla, other major institutions are starting to embrace cryptocurrency. The most recent company to join the crypto mania is a Dubai-based licensing entity, Kiklabb, which has now began to accept Bitcoin payments.

Recently, the CEO of Kiklabb, Tasawar Ulhaq, announced that the entity has started accepting crypto payments from its clientele. Kiklabb is a government entity that provides trade license and other licensing services to help companies set up in Dubai. Right now, the entity only supports payments using Ether, Bitcoin and Tether.

He explained that the initiative was due to the rising demand of cryptocurrency by their clients who are majorly blockchain and fintech companies. In addition, he said that this new development will make Dubai a more accessible space for foreign companies that might want to set up their business in Dubai.

Bitcoin payments to change how companies conduct business

Ulhaq said he was anxiously looking forward to seeing how cryptocurrency and the fast-rising technology of the region are going to change the way firms conduct business. Kiklabb is the first government licensing entity to have taken this bold step of providing cryptocurrency as a means of payment. The CEO said that he was confident other firms would follow suit. 

The entity revealed that it partnered with certain platforms to bring about the crypto payment initiative. Right now, the United Arab Emirates (UAE) plans to use cryptocurrency for half of its transactions this year. The country revealed it could save more than $3 billion if it switches to blockchain. 

 As other government institutions and firms come to embrace crypto, it certainly marks a transition into the future of money and finance.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

Related News

Hot Stories

Chia Coin Price Prediction 2023-2031: Is XCH a Good Investment?
DeFi predictions 2023: How will crypto and blockchain evolve? 
Dogecoin price analysis: DOGE shows bullish signal with $0.10 mark in sight
Ethereum Classic Price Prediction 2023-2031: Is $ETC Going Up?
Bitcoin breaks above $17K: a new beam of light for the crypto market?

Follow Us

Industry News

DeFi predictions 2023: How will crypto and blockchain evolve? 
Avalanche partners with Alibaba Cloud to launch new validators
S. Korean court rejects arrest warrant for Terra co-founder Shin
FTX ex-president plans new crypto startup
MetaMask founder comments on Apple's demand for a 30% cut of the NFT gas fee

Add Your Heading Text Here