Pay using these for trade licenses or visa related fees at KIKLABB, a Dubai free zone, which leases offices on QE2. Image Credit: Reuters

Dubai: Bitcoin and other crypotcurrencies are now a mode of payment at KIKLABB, the Dubai-based free zone. This will apply for all payments related to trade licenses and visa fees issued by it.

Apart from Bitcoin, it will also accept Ethereum and Tether (USDt). This means "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," the entity added.

KIKLABB, one of the country's newest free zones, also leases office space to its clients on board the QE2, anchored at Dubai's Port Rashid.

Building block
Dubai and the UAE have already made progress on the Blockchain front, which is the enabling technology behind these virtual currencies.

According to MarketsandMarkets, a research firm, the global Blockchain market size is estimated to grow from $3 billion in 2020 to $39.7 billion by 2025.

Built around alliances

"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," said Tasawar Ulhaq, CEO.

“With the technology rapidly gaining traction across the Middle East, I’m eager to see how it changes the way we do business in the near future.”

$ 3 billion

What the UAE could save by implementing advanced Blockchain technologies, according to Dubai Future Foundation

Dubai is developing a framework for the wider use of these assets, which too could spur further acceptance and wider adoption in official transactions. The UAE has a national strategy in place on Blockchain, with the aim to conduct 50 per cent of government transactions using it this year. In addition, the Dubai Future Foundation estimates that the UAE could save over US$3 billion simply by implementing advanced blockchain technologies.

The local real estate sector continues to see its share of Bitcoin-driven deals happening, while other cryptocoins are gradually convincing more residents to start using them.

Tasawar Ulhaq, CEO of KIKLABB
Tasawar Ulhaq, CEO of KIKLABB, will be pleased with being first to market with the move. Image Credit: Supplied