Initial Government Entity in UAE has given nod for acceptance of Cryptocurrency related Payments

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KIKLABB, the Dubai Government-owned initial licensing entity within the UAE on Tuesday has announced that within UAE, its now legal for cryptocurrencies to be utilized as payment mode.

The Dubai Government-owned firm stated that the Cryptocurrencies like Bitcoin, Ethereum as well as Tether (USDt), could now be utilized for payment of the trading licenses as well as Visa charges in a better move that is developed in order for encouragement for the entrepreneurs in order to set-up as well as in scale-up within the UAE territory.

The CEO of KIKLABB, Tasawar Ulhaq stated that: “We’ve seen growing interest in cryptocurrency with several customers in the blockchain and fintech sectors part of the KIKLABB community, so it really was just a matter of time before we recognised Bitcoin, Ethereum and Tether.”

According to research firm MarketsandMarkets, the universal blockchain market magnitude is assessed to upsurge from $3 billion in 2020 to $39.7bn by 2025.

He also further added that: “Cryptocurrencies are the payment method of the future. KIKLABB has amalgamated with approximately few of the industry leaders to empower this solution.”

The UAE is already a leader in the acceptance of blockchain with a national strategy in place and the objective to conduct 50 percent of government dealings utilizing the payment technology within 2021. In addition, the Dubai Future Foundation evaluates that the UAE could save over $3bn purely by employing advanced blockchain technologies.

Ulhaq also further added that: “We’re in talks with high-profile players in the cryptocurrency sector who are exploring entry into Dubai. In addition, we have a robust community of local and international companies associated with smart contracts, blockchain and private equity working alongside start-ups in the fields of education, healthcare, and food technology.”

Planned to boost the expansion, alliance and integrity across the global blockchain economy, the DMCC Crypto Valley will pass out a proposal for providing an assortment of services including nurturing for initial-stage start-ups, co-working amenities, innovation services for corporate clients, blockchain and entrepreneurship training, education, events, mentoring and funding.

The preceding month in January, Dubai Multi Commodities Centre (DMCC) broadcasted a partnership with CV VC and CV Labs to unveil the Crypto Valley, the global largest ecosystem for cryptographic, blockchain and distributed ledger technologies.

Signed on the side-lines of the World Economic Forum in Davos, the contract views DMCC work alongside both CV VC, and its subsidiary CV Labs, to advance an ecosystem in Jumeirah Lakes Towers, DMCC’s business district, where over 17,000 firms are at present registered.

Research from DMCC’s Future of Trade report created that blockchain could support diminishing up to 20 percent of the physical paper expenses associated with global trade, presently appraised at $1.8 trillion.

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