UAE luxury real estate company DAMAC has announced plans to accept payments in Bitcoin and ether, following the country’s steps to become a global crypto hub.
DAMAC’s head of digital transformation, Ali Sajwani, says that the move aims to increase the new economy for the upcoming generation and the future of the sector.
Dubai and Abu Dhabi have taken the necessary steps to attract cryptocurrency companies to the UAE, including setting up a comprehensive regulatory framework.
Proptech La Haus, a Latin American firm, is another real estate developer that announced similar steps in November 2021.
Crypto.com and Bybit have since set up their headquarters in Dubai, while Binance won a license to run operations in the free trade zones of Abu Dhabi and Dubai.