Dubai, United Arab Emirates-based luxurious actual property developer DAMAC Properties will quickly start accepting Bitcoin funds for the sale of property within the area, the corporate mentioned in a Wednesday statement.
“DAMAC Properties has always been at the forefront of innovations from developing luxury homes to creating unique experiences,” mentioned ALi Sajwani, basic supervisor of operations on the firm and lead of its digital transformations initiatives. “This move towards customers holding cryptocurrency is one of our initiatives at DAMAC to accelerate the new economy for newer generations, and for the future of our industry.”
DAMAC is not the primary actual property developer on the earth to take Bitcoin funds.
In November, Latin American property know-how (proptech) market chief La Haus introduced it will begin accepting BTC as fee for properties on-chain and on Lightning by an integration with Bitcoin fee processor OpenNode. La Haus bought its first property for bitcoin two months later because it bridged the acquisition of an condominium in Mexico for five.78 BTC. The firm bought one more property the next month, the primary in Colombia, for bitcoin.
DAMAC’s transfer showcases a regional dedication for fostering a Bitcoin economic system because the United Arab Emirates seeks to set up itself as a welcoming area for the event of cryptocurrency companies.
Kraken not too long ago acquired regulatory approval from the ADGM and Financial Services Regulatory Authority to turn out to be the primary cryptocurrency change to provide direct funding and buying and selling in UAE dirhams in opposition to bitcoin, reported CNBC. Binance additionally is amongst these contemplating opening an workplace within the Middle East because the change was recently given approval to operate in Abu Dhabi. Bybit was additionally given approval to open a headquarters in Dubai final month.
According to Citi, better regulatory readability is behind the current inflow of cryptocurrency companies in Dubai and Abu Dhabi.
The Middle East makes up 7% of global cryptocurrency trading volumes in accordance to Chainalysis information, and is one of many fastest-growing cryptocurrency markets on the earth.