Dubai's Damac Properties Lists BTC, ETH as Payment Modes for Real Estate

The crypto culture seems to be on an expansion in parts of the United Arab Emirates (UAE). In a latest development, Dubai-based real estate developer Damac Properties has decided to accept payments in the form of cryptocurrencies. Bitcoin and Ether, the top two cryptos in-terms of valuation, have been declared as accepted payment modes for property purchases. The company aims to be on the forefront of “revolutionising the future of real estate” while also adding more options of payments for customers.

“This move towards customers holding cryptocurrency is one of our initiatives to accelerate the new economy for newer generations, and for the future of our industry,” Ali Sajwani, general manager of operations at Damac and head of the organisation's digital transformation initiatives said in a statement.

The announcement was also officially shared by the developers on Twitter.

Sajwani has urged other global businesses also to add crypto transactional modes to their services.

“It is crucial for global businesses like ours to stay at the top of evolution. Offering yet another transactional mode is exciting and we are glad to recognise the value this technology brings to our customers,” he noted.

Dubai, in recent times, has accelerated its speed heading towards establishing itself as a global crypto hub before others catch pace.

In March, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum signed a new law for virtual assets while establishing an independent body to oversee the governance of the crypto space.

Soon after, a local school in Dubai announced that it is considering accepting Bitcoin and Ether as payments for tuition, making it the first school in the Middle East to do so.

Crypto companies like Binance, Bybit, and Crypto.Com have begun to set up shop in Dubai.

In December last year, the Dubai Media Office announced that the Dubai World Trade Centre (DWTC) will become a crypto zone for virtual assets - including digital assets, products, operators and exchanges

Relevant authorities are also working on enforcing rigorous standards for investor protection, anti-money laundering provisions, combating terror financing, ensuring compliance, and allowing cross border deal flow tracing in Dubai.