September 26, 2022

Several of the world’s biggest crypto exchanges have flocked to the emirates in the last few.

Source: Coindesk.com
Source: Coindesk.com

Dubai-based luxury real estate developer DAMAC will soon accept payments in crypto, joining the chorus of firms betting that the United Arab Emirates will become a global crypto hub.

DAMAC will accept payments in bitcoin (BTC) and ethereum (ETH), the firm said in a Wednesday press release. The move aims to “accelerate the new economy for newer generations, and for the future of our industry,” said Ali Sajwani, who leads DAMAC’s digital transformation initiatives as the general manager of operations.

DAMAC isn’t the first property developer to make this move as Latin America’s Proptech La Haus made a similar announcement in November 2021.

Dubai – along with Abu Dhabi and the broader United Arab Emirates – has been trying to attract crypto business, in part by moving to create a clear regulatory framework by which digital asset firms can operate.

Crypto.com and Bybit have set up offices in Dubai, while Binance received a license to operate in the free trade zones of both Dubai and Abu Dhabi. Kraken, meanwhile, has been granted a license to operate in Abu Dhabi’s free trade zone.

DAMAC has developed buildings in the U.A.E., Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada, and the U.K. It booked AED 170 million ($46 million) in net profits for 2021, according to its annual earnings report.