2 years ago
Dubai, United Arab Emirates-based luxury existent property developer DAMAC Properties volition soon statesman accepting Bitcoin payments for the merchantability of spot successful the region, the institution said successful a Wednesday statement.
“DAMAC Properties has ever been astatine the forefront of innovations from processing luxury homes to creating unsocial experiences,” said ALi Sajwani, wide manager of operations astatine the institution and pb of its integer transformations initiatives. “This determination towards customers holding cryptocurrency is 1 of our initiatives astatine DAMAC to accelerate the caller system for newer generations, and for the aboriginal of our industry.”
DAMAC is not the archetypal existent property developer successful the satellite to instrumentality Bitcoin payments.
In November, Latin American spot exertion (proptech) marketplace person La Haus announced it would commencement accepting BTC arsenic outgo for homes on-chain and connected Lightning done an integration with Bitcoin outgo processor OpenNode. La Haus sold its archetypal spot for bitcoin 2 months aboriginal arsenic it bridged the acquisition of an flat successful Mexico for 5.78 BTC. The institution sold yet different property the pursuing month, the archetypal successful Colombia, for bitcoin.
DAMAC’s determination showcases a determination determination for fostering a Bitcoin system arsenic the United Arab Emirates seeks to found itself arsenic a welcoming portion for the improvement of cryptocurrency businesses.
Kraken precocious received regulatory support from the ADGM and Financial Services Regulatory Authority to go the archetypal cryptocurrency speech to connection nonstop backing and trading successful UAE dirhams against bitcoin, reported CNBC. Binance besides is among those considering opening an bureau successful the Middle East arsenic the speech was recently fixed support to operate successful Abu Dhabi. Bybit was besides given approval to unfastened a office successful Dubai past month.
According to Citi, greater regulatory clarity is down the caller influx of cryptocurrency businesses successful Dubai and Abu Dhabi.
The Middle East makes up 7% of planetary cryptocurrency trading volumes according to Chainalysis data, and is 1 of the fastest-growing cryptocurrency markets successful the world.
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