Crypto breaks through in the UAE as first gov’t-owned entity accepts payment

Crypto breaks through in the UAE as first gov’t-owned entity accepts payment

KIKLABB announced on Tuesday that it has become the first government-owned licensing entity in the UAE to accept cryptocurrency as payment.

The Dubai Government-owned company said that cryptocurrencies, including Bitcoin, Ethereum and Tether (USDt), can now be used to pay for trade licences and visa fees in a move designed to encourage entrepreneurs to set-up and scale-up in the UAE.

Tasawar Ulhaq, CEO of KIKLABB, said: “We've seen growing interest in cryptocurrency with several customers in the blockchain and fintech sectors part of the KIKLABB community, so it really was just a matter of time before we recognised Bitcoin, Ethereum and Tether.

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“Cryptocurrencies are the payment method of the future. KIKLABB has partnered with some of industry leaders to enable this solution.”

According to research firm MarketsandMarkets, the global blockchain market size is estimated to rise from $3 billion in 2020 to $39.7bn by 2025.

The UAE is already a leader in the adoption of blockchain with a national strategy in place and the aim to conduct 50 percent of government transactions using the payment technology by 2021. In addition, the Dubai Future Foundation estimates that the UAE could save over $3bn simply by implementing advanced