Dubai Businesses Accept Crypto Payments

The Citizens School was among the first businesses to declare that they are open to crypto payments. Now, a law firm has also announced that customers will be able to pay for its legal services with digital currencies like Bitcoin, Ethereum, and stablecoin Tether USD. In so doing, it became the first law firm to accept crypto payments.

Ashish Mehta & Associates, Solicitors and Legal Consultants announced that it will start accepting payments in digital currencies. The Dubai based firm’s clients will be able to make payments using via BTC, ETH, and USDT. According to Ashish Mehta, the firm’s founder and managing partner, the decision was largely informed and inspired by the regulatory and compliance framework created by the UAE government.  

He said that if the government is providing a regulatory framework infrastructure, it would be a good start to jump on to the bandwagon and be the first law firm in Dubai to accept cryptocurrencies as a form of payment. He further noted that “Larger local companies without naming are doing this as well. When certain commercial enterprises with external shareholders are also holding or receiving payments in crypto, so in a similar way, we are all sailing in the same boat.”

Payment Gateway To Ease Transactions

The initiative has been eased by the use of payment gateways. Crypto payments are received via a digital currency platform that processes them and automatically converts them to the U.A.E’S local currency –  Dirhams (AED). Mehta went on to express his belief in the country’s leadership, citing the recently inaugurated virtual assets regulatory authority as an indicator of better things to come for Dubai’s crypto industry. Not even the issues surrounding the reporting of crypto profits and expenses on annual tax returns can deter Mehta. He is confident that the government will soon provide the necessary structure for these requirements. 

Businesses Open To Crypto Payments

Many businesses and individuals share Mehta’s optimistic viewpoint on crypto adoption across the country. They have gone on to adopt crypto payments and the payment gateways are making the transition easier and faster. The Citizens school, F&B outlets, and real estate developers are among the many businesses that have already enabled crypto payments.

Damac Properties, a well-known property developer has also joined the crypto revolution. It announced that it will be accepting BTC and ETH payments for property sales. The property giants have already invested a considerable sum of money in establishing a strong presence in the metaverse by funding a digital cities project. 

The Citizens School, which is set to open its gates in September 2022, has announced that it will be accepting tuition fee payments in Bitcoin and Ether, in addition to conventional fiat currencies. Dubai residents can likewise visit the Doge Burger restaurant and pay for a meal using a variety of cryptocurrencies including BNB, CRO, USDT, Bitcoin, Ethereum,  XRP, and meme coins SHIB and Doge.

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