Bitcoin payments now accepted in a free trade zone in Dubai

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TL; DR Breakdown

  • Kiklabb, a Dubai licensing entity, now accepts Bitcoin payments. 
  • The CEO, Tasawar Ulhaq, says the initiative is a response to the demands of its clientele.

Kiklabb now accepts Bitcoin payments

With the prevalence of Bitcoin and the seeming drive from large companies like MicroStrategy and Tesla, other major institutions are starting to embrace cryptocurrency. The most recent company to join the crypto mania is a Dubai-based licensing entity, Kiklabb, which has now began to accept Bitcoin payments.

Recently, the CEO of Kiklabb, Tasawar Ulhaq, announced that the entity has started accepting crypto payments from its clientele. Kiklabb is a government entity that provides trade license and other licensing services to help companies set up in Dubai. Right now, the entity only supports payments using ether, bitcoin and tether.

He explained that the initiative was due to the rising demand of cryptocurrency by their clients who are majorly blockchain and fintech companies. In addition, he said that this new development will make Dubai a more accessible space for foreign companies that might want to set up their business in Dubai.

Bitcoin payments to change how companies conduct business

Ulhaq said he is anxiously waiting to see how cryptocurrency and the fast-rising technology of the region are going to change the way firms conduct business. 

Kiklabb is the first government licensing entity to have taken this bold step of providing cryptocurrency as a means of payment. The CEO said that he is confident other firms will follow suit. 

The entity revealed that it partnered with certain platforms to bring about the crypto payment initiative. Right now, the United Arab Emirates (UAE) plans to use cryptocurrency for half of its transactions this year. The country revealed it could save more than $3 billion if it switches to blockchain. 

 As other government institutions and firms come to embrace crypto, it certainly marks a transition into the future of money and finance.