The use of cryptocurrency has moved from just speculations and quick profits to more tangible areas. KIKKLAB, a Dubai free trade zone has announced that it would start accepting crypto for transactions.
BTC, ETH, USDT Make the List of Accepted Crypto on Dubai Free Trade Zone
The Dubai free trade zone will be accepting the world’s most popular cryptocurrency, Bitcoin, Ether and USDT. All transactions that involve trade licenses and visas issued by KIKKLAB will now be carried out in any of thr cryptocurrencies listed above.
The zone also allows customers to pay for whatever they want remotely, without having to appear at a physical office. This is made possible by a full virtual business experience, which just requires customers to have just a smartphone. KIKKLAB makes history as the first to debut this technology with crypto.
Tasawar Ulhaq CEO of KIKKLAB notes that his organization is the “first government-owned licensing entity in the UAE” to transact in crypto. He does not believe that this will end with his zone, however, and hopes more organizations will adopt it. “I’m eager to see how it changes the way we do business shortly.”
UAE Sees Future in Blockchain
Ulhaq says that KIKKLAB would collaborate with different international partners for the processing of crypto payments. As for regulation, he explains that all regulations will be followed as the trade zone is a government entity. KIKKLAB is one of the newest free trade zones by the government and it leases offices to clients currently.
Dubai Free Trade Zone, on the other hand, is promoting the adoption of crypto. It is working on a framework that would include more crypto payment options, which could increase adoption across the UAE. The UAE government is out to harness the opportunities that crypto and blockchain present. 50% of government transactions could be carried out on blockchain in the near future.
The use of blockchain could also help the UAE government save up a ton of money. Dubai Future Foundation approximates the UAE could save around US$3 billion by the use of blockchain tech.