PanaTimes

Wednesday, Feb 01, 2023

Real estate payments in cryptocurrency could become more popular in UAE

Real estate payments in cryptocurrency could become more popular in UAE

Real estate transactions involving cryptocurrency in Dubai and throughout the UAE could become more popular, with the region positioning itself as a digital money hub.
The UAE is becoming more of a base for innovative companies and individuals to set up shop, including those interested in cryptocurrencies, with a recently passed law making it even easier and more attractive for people to work with digital currencies in Dubai.

According to a recent report by accounting giant PwC, the UAE’s share in the global crypto market increased by 500 percent between July 2020 and June 2021 and there are reportedly more than 400 crypto businesses in the country.

“[I] think more people [will be] be moving over that are interested in that world and, obviously, they all need somewhere to live… or [want] to invest in properties,” Paul Kelly, Operations Director at Allsopp & Allsopp Real Estate told Al Arabiya English.

“I think as we go on over the next few years, there'll be an increase in demand [for paying for real estate with cryptocurrency],” he added.

“A crypto grows, as it is utilized by more people around the world, the number of use cases will grow and one of many use cases [is] real estate,” Kim Grauer Director of Research at Chainalysis – a platform that provides data on blockchain – the technology used to process and record crypto payments, told Al Arabiya English.

In March this year, UAE Vice President and Dubai Ruler Sheikh Mohammed bin Rashid set up new regulation in the emirate in a bid to make the UAE more attractive to people using virtual assets. The legal framework was established to protect investors and promote growth in the virtual asset industry, state press agency WAM reported at the time.

Sheikh Mohammed also announced that Dubai would set up a Virtual Asset Regulatory Authority that will work with the Central Bank of the UAE, which should make paying in crypto currencies easier and safer.

The UAE’s crypto hub Dubai doesn’t actually accept cryptocurrency payments for goods, which means that if a buyer wants to purchase something using digital money, they must go to a so-called exchange house which converts it into Fiat currency – such as UAE Dirhams, or US dollars. Crypto exchanges in the UAE include e-Toro, Coinbase, OKX and Binanace.

But despite this, in a sign that the country’s efforts to draw in crypto-based business is working, companies involved in crypto payments are still moving over to the UAE to set-up shop.

“We've heard of businesses [and] we've heard of businesspeople traveling and moving to UAE because of these favorable regulations,” Grauer said.

In March this year both Crypto.com and Bybit announced plans to open offices in Dubai. Crypto.com moved its regional headquarters to Dubai while Bybit moved its global headquarters to the emirate.

“Positioning itself as a global digital hub, authorities have been making efforts to transform its economy, embracing the latest fintech innovations while creating the necessary regulatory frameworks,” the company said in a blog at the time.

A survey from YouGov showed that 67 percent of EU residents are interested in investing into cryptocurrencies within the next five years and that UAE is one of the top markets globally where consumers say they trust cryptocurrencies.

“The UAE is one of the fastest growing crypto hotspots that we’re really paying close attention to chain analysis these days, especially within the Middle East region,” said Grauer.
Newsletter

Related Articles

PanaTimes
Close
0:00
0:00
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
House Speaker Kevin McCarthy said he will block Reps. Adam Schiff and Eric Swalwell from serving on the House Intelligence Committee
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
Tax fraud verdict again exposes illusion of Trump the master businessman
Tax fraud verdict again exposes illusion of Trump the master businessman.
Yellen hints at ‘national security’ probe into Twitter purchase
Elon Musk reinstates Donald Trump's Twitter account.
Good news: US moves to shield Saudi crown prince in journalist killing
×