By Hidayat Sultanli
On Feb 23, 2021
Licensing firm owned by the government has started getting payments with cryptocurrencies. Bitcoin will thrive furthermore in Dubai.
Bitcoin and other cryptocurrencies are getting acceptance from various areas all over the world. These events are unstoppable because both payers and receivers are interested in cryptocurrencies. The next location is Dubai which is one of the financially active cities in the world.
Dubai-owned licensing firm KIKLABB has started receiving payment in Bitcoin. KIKLABB will receive funds in 3 different cryptocurrencies: Bitcoin ($BTC), Ethereum ($ETH), Tether ($USDT). According to the Gulf News, this will apply to the payments related to trade licenses and visa fees.
“KIKLABB is also the first to debut a truly virtual end-to-end business setup experience – customers can register as well as pay for Dubai trade licenses remotely and with a virtual currency, using just their smartphone.”
CEO of the KIKLABB, Tasawar Ulhaq, also mentioned the importance of the new payment methods:
“KIKLABB is collaborating with international partners for payment processing of cryptocurrency transactions, guaranteeing all regulations are adhered to within the regional framework via international third-parties.”
“With the technology rapidly gaining traction across the Middle East, I am eager to see how it changes the way we do business in the near future.”
Following this news, KIKLABB released that publications do not correctly highlight the actual situation. According to the press release, they confirm that they comply with the local regulations and do not directly deal with cryptocurrencies. They wrote that news articles are inaccurate and they are subject to changes.
“KIKLABB has not issued any statement on behalf of the Dubai government or the Ports, Customs and Free Zone Corporation, and the entities mentioned in the media articles have no connection to the official press release issued by us.”
UAE is not the new name for cryptocurrencies and blockchain technologies. They are looking forward to using blockchain for 50% of the government transactions. Earlier, they announced the strategy to achieve this goal by 2021.
KIKLABB is free trade zone in Dubai. They help other companies to get start their businesses in Dubai. Licensing, workspaces, visas, banking, insurance, accounting, networking, and accommodation are the services that KIKLABB provides to customer companies. It is a government-owned entity. They provide free zone or mainland licenses.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.
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