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Four Sectors in Dubai That Are Spearheading Crypto Adoption

Four Sectors in Dubai That Are Spearheading Crypto Adoption Regulation News
  • A Dubai-based law firm will now be accepting crypto as payment.
  • Recently, a Dubai school announced that it would soon accept crypto.
  • UAE is turning out to be a global crypto hub.

As crypto adoption picks up around the world, the United Arab Emirates has turned out to be a flag bearer of the decentralized currency in the Middle East. According to reports, UAE is one of the top markets globally, where 33% of residents say they have invested in crypto.

Here are some of the firms accepting crypto in the UAE:

Law Firms

Ashish Mehta & Associates, Solicitors and Legal Consultants have announced their plans for accepting payments in cryptocurrencies from their clients. The law firm will, for now, be accepting Tether USD, Bitcoin, and Ethereum. Ashish Mehta, founder and managing partner, remarked that the regulatory and compliance framework devised by the government of Dubai and the United Arab Emirates (UAE) greatly encouraged their firm to accept payments in cryptocurrencies.

Schools

Citizens School, a school in Dubai, is all set to accept tuition fee payments in crypto. The school will be accepting payments in Bitcoin and Ethereum as it reopens in September. The founder of Citizens School, Dr. Adil Alzarooni, stated that as more people embraced the era of digitalization, children would become the entrepreneurs and investors of tomorrow.

Cafes

Dubai-based cafe, Bake N More, will now accept SHIB, along with various other cryptos. Mohammad Al Hammadi, the owner of the revolutionary cafe, said that they adopted crypto to be able to reach different types of users. “We want Bake N More to be a coffee and pastry hub for crypto users in the UAE.”

Grocery Delivery

Dubai-based grocery delivery service YallaMarket said it will now accept cryptocurrencies as a form of payment on its mobile app. YallaMarket payment system accepts stablecoins USDT (Tether) and USDC. Leo Dovbenko, CEO and co-founder of YallaMarket, remarked: “We can see now that the world is increasingly adopting blockchain and cryptocurrency technologies.”

Earlier this year, the Prime Minister of UAE had approved a new crypto-regulation law putting the Arab nation on the crypto map. With growing support from communities in the country and the government, more firms are gearing up to jump on the crypto bandwagon.

Shylin is a technical writer who has worked, for several years, in the business and consulting space. She is completely in awe of and ever-intrigued by technology. An avid reader and active member of several creative writer groups, she spends most of her time writing or thinking about writing.