Bitcoin
$64,543.50+5.12%
Ethereum
$3,104.98+3.88%
Binance Coin
$559.72+1.95%
Solana
$144.05+10.02%
XRP
$0.50064446+2.18%
Toncoin
$7.10+18.07%
Dogecoin
$0.15212656+5.47%
Cardano
$0.46208824+4.28%
Shiba Inu
$0.00002276+4.61%
Avalanche
$35.45+4.33%
Wrapped Bitcoin
$64,701.14+6.84%
Tron
$0.10916090-0.68%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
10
HR
37
MIN
45
SEC
Finance

Dubai Real Estate Developer to Accept Crypto Payments Amid UAE Push for Crypto Hub Status

Several of the world's biggest crypto exchanges have flocked to the emirates in the last few months.

By Eliza Gkritsi
AccessTimeIconApr 28, 2022 at 1:19 p.m. UTC
Updated May 11, 2023 at 5:35 p.m. UTC
Dubai (David Rodrigo/Unsplash)
Dubai (David Rodrigo/Unsplash)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Dubai, United Arab Emirates-based luxury real estate developer Damac will soon accept payments in crypto, joining the chorus of firms betting that the UAE will become a global crypto hub.

  • Damac will accept payments in bitcoin (BTC) and ethereum (ETH), the firm said in a Wednesday press release. The move aims to "accelerate the new economy for newer generations, and for the future of our industry," said Ali Sajwani, who leads Damac's digital transformation initiatives as the general manager of operations.
  • Damac isn't the first property developer to make this move as Latin America's Proptech La Haus made a similar announcement in November 2021.
  • Dubai – along with Abu Dhabi and the broader United Arab Emirates – has been trying to attract crypto business, in part by moving to create a clear regulatory framework by which digital asset firms can operate.
  • Crypto.com and Bybit have set up offices in Dubai, while Binance received a license to operate in the free trade zones of both Dubai and Abu Dhabi. Kraken, meanwhile, has been granted a license to operate in Abu Dhabi's free trade zone.
  • Damac has developed properties in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada and the U.K. It booked AED170 million ($46 million) in net profits for 2021, according to its annual earnings report.
VolumeMuteUnmute

Messari CEO Reflects on Senate’s Influence on Crypto Industry

  • SEC's Crypto Enforcement Actions in 2023
    02:07
    SEC's Crypto Enforcement Actions in 2023
  • How Much Money Are Terrorists Actually Raising in Crypto?
    1:09:58
    How Much Money Are Terrorists Actually Raising in Crypto?
  • Cost of Not Enacting Crypto Regulation Is 'Extremely High,' Legal Expert Says
    01:31
    Cost of Not Enacting Crypto Regulation Is 'Extremely High,' Legal Expert Says
  • Ripple Exec Says Singapore Is a 'Significant Hub for Our Business'
    08:06
    Ripple Exec Says Singapore Is a 'Significant Hub for Our Business'

    • Read more: Dubai Attracts Crypto.com, Bybit as Friendly Rules Bear Fruit


    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eliza Gkritsi
    Eliza Gkritsi

    Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

    Follow @egreechee on Twitter

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.