Kiklabb, a Dubai government-owned free zone and onshore licensing organization, has begun accepting Bitcoin, Ethereum and Tether for payment of fees.
“Cryptocurrencies are the payment method of the future.”
Tasawar Ulhaq, CEO of Kiklabb, said the following in his statement on the issue:
“We’ve seen the Kiklabb community growing interest in cryptocurrency with customers in the blockchain and fintech industries. So it was really just a matter of time before we got to know Bitcoin, Ethereum and Tether. Cryptocurrencies are the payment method of the future.
Kiklaabb facilitates workplaces with Ulhaq as well as residence visas and other business services. The CEO says this on the subject:
“We are meeting with high profile players in the cryptocurrency industry who are considering entering Dubai.
In addition, we have a strong community of local and international companies associated with smart contracts, blockchain and private equity working with start-ups in education, healthcare and food technology. ”
It is unknown how many people in the country are holding Bitcoin or Ethereum
The company is also known to have been researching Blockchain technology since at least 2018, with numerous projects carried out in the United Arab Emirates.
However, it is unclear how many people hold Bitcoin or Ethereum in Dubai or how the kingdom will diversify their crypto assets. However, their acceptance for government-related functions is a first in the region.