Recent reports reveal that KIKLABB, a government licensing entity in Dubai, has begun to accept cryptocurrencies for payments, namely bitcoin, ether, and tether. Cryptocurrencies are steadily gaining acceptance, given that the Swiss canton of Zug has also recently started to accept bitcoin and ether for tax payments.
KIKLABB is a government-owned entity and a trade-free zone that helps businesses set up, launch their products and services, and grow by issuing licenses and processing visas.
KIKLABB also provides its customers with workspace on-board the Queen Elizabeth 2 cruise liner, which is anchored at Port Rashid in Dubai. Payments for such services and those related to visa fees and licenses issued by KIKLABB can now be made in BTC, ETH, and USDt.
The chief executive officer of KIKLABB, Tasawar Ulhaq, stated that the “growing interest in cryptocurrency with several customers in blockchain and fintech (financial technology) sectors” led to this decision.
He has also mentioned that cryptocurrencies are “the payment method of the future” and that crypto-based payments ensure greater accessibility and thus help global entrepreneurs interested in starting a business in the UAE.
The CEO added that “KIKLABB is collaborating with international partners for payment processing of cryptocurrency transactions, guaranteeing all regulations are adhered to as a government-owned entity.”
The UAE plans to conduct 50% of government transactions using blockchain technology this year, given that, according to estimates from the Dubai Future Foundation, the UAE could thus save over US$3 billion.