Acceptance of certain cryptos growing exponentially in UAE. Firms say that Dubai Government's first law on virtual assets are encouraging them to move in this direction.
18 May 2022, 12:00 AM
31 May 2022, 12:00 AM
Availing the new cryptocurrency payment option is a soon to launch Dubai school, which has become the first in the Middle East to accept cryptocurrencies for tuition fee payments.
Citizens school, which is set to open its doors in September 2022, has announced that it will accept cryptocurrency as a mode of payment.
The institution will accept payments from the two major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) aiming to provide parents with flexible payment options, apart from traditional forms of payments.
This month onwards, Ashish Mehta & Associates, Solicitors and Legal Consultants have started taking its nascent steps into the digital-asset universe.
Businesses moving towards cryptocurrency payment options reiterate that Dubai Government’s adoption of its first law regulating virtual assets – ensuring a safe and advanced legal framework for investors – is propelling them to align themselves to the UAE’s vision of becoming a global digital economy.
According to Chainalysis, the Middle East is one of the fastest-growing cryptocurrency markets in the world, making up 7 per cent of global trading volumes.
Payments using cryptocurrencies are accepted through a tie up with a digital currency platform which processes cryptocurrency payments and automatically converts them to Dirhams (AED).
Hisham Hodroge, CEO of Citizens School said, “Introducing the ability to pay tuition fees through cryptocurrencies goes beyond just providing another payment option. It is aimed at creating an interest in growing trends and breakthrough technologies that will have a profound effect on the lives of young generations. It is also a means to further drive interest in the applications of blockchain – a technology that Citizens School intends to deploy, in time, across several aspects of its academic and administrative operations.”