KIKLABB has become the first state-owned entity in the United Arab Emirates to accept cryptocurrency payments.
According to a report by Arab News on Tuesday, clients of Dubai government-owned licensing firm KIKLABB can now pay for visa fees and trade licenses via cryptocurrencies.
Commenting on the move, KIKLABB CEO Tasawar Ulhaq said that the decision was in line with the growing appeal of crypto payment in the fintech arena, adding:
“It really was just a matter of time before we recognized Bitcoin, Ethereum, and Tether. Cryptocurrencies are the payment method of the future.”
Adopting cryptocurrency payment options is of KIKLABB’s plan of expanding its virtual and online business setup. Back in 2020, amid the coronavirus pandemic, the licensing firm began offering remote registration for customers.
The company was also one of the earliest beneficiaries of the resumption of diplomatic relations between the United Arab Emiraand Israel with the firm signing a collaborative agreement with NY Koen Group.
Per Ulhaq, while KIKLABB is the first government entity in the UAE to accept crypto payments, other outfits will soon follow suit. According to the KIKLABB CEO, crypto and blockchain technology is seeing significant adoption not just in the UAE but across the Middle East.
As previously reported by Cointelegraph, the Dubai Financial Services Authority is working on crypto regulations as part of its business plans for 2021. Indeed, Dubai’s crypto-friendly policies have even seen Ripple open a regional office in the city amid talks of exiting the United States.
Blockchain adoption in the UAE has even spread to the agricultural sector with the novel tech being used to create a supply chain management platform to obtain products directly from farmers in India.
The UAE and Saudi Arabia are also working on a joint central bank digital currency research study dubbed “Project Aber.”
Crypto and blockchain adoption in the UAE has seen another milestone as the state-owned licensing outfit KIKLABB now accepts crypto payments for its services.