KIKLABB, a Dubai government-owned licensing company has recently announced it started accepting virtual currencies as a payment option for its services. The cryptocurrencies that are accepted are Bitcoin, Ethereum, and Tether.
This decision came as a response to “growing interest in cryptocurrency with several customers in blockchain and fintech (financial technology) sectors,” commented Tasawar Ulhaq, the CEO of KIKLABB.
He also commented that this new method of payment would allow for better accessibility for entrepreneurs from all over the globe to set up in the UAE.
“It really was just a matter of time before we recognized Bitcoin, Ethereum, and Tether. Cryptocurrencies are the payment method of the future,” Ulhaq declared.
He also mentioned that KIKLABB could become a model for other businesses in the UAE and inspire them to adopt this method of making payments.
“We’re the first government-owned licensing entity in the UAE to accept cryptocurrency payments, and certainly not the last. 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,” he said.
The growing popularity of crypto has led to more interest in blockchain technology as well.
MarketsandMarkets, a research firm, estimated that the global blockchain market size will probably grow from $3 billion in 2020 to $39.7 billion in 2025.
The UAE has plans to use blockchain technology for 50% of all government transactions across 2021.