Those companies interested in making payments with cryptocurrencies will be able to do so remotely. Local authorities will also allow making payments with Ether and Tether payments.
KIKLABB, a firm that the government of the United Arab Emirates (UAE) owns, recently talked about Bitcoin (BTC) and other cryptocurrencies. In Port Rashid, in Dubai, they said that companies will be able to use them to pay for business licenses and visa fees.
The state-owned company specifically belongs to the Ports, Customs, and Free Zone Corporation. The former provides advice to companies seeking to establish themselves in the Dubai Free Zone. They will not only accept payments with Bitcoin but also with Ether (ETH) and Tether (USDT).
Local media reported that a technological structure will allow KIKLABB to manage payments through an “end-to-end and virtual business configuration.” They added that “customers will be able to register and pay for Dubai business licenses remotely with Bitcoin, only through their smartphone.”
Tasawar Ulhaq, the CEO of KIKLABB, said that they are working jointly with international partners. Their objective is that payments and transactions in digital assets comply with the regulations in force in the UAE.
He also noted that they are the first governmental entity that grants licenses through payments with cryptocurrencies. He considers that they will not be the last company to do so.
“Technology is rapidly gaining ground in the Middle East. I am eager to see how it will change the way we do business in the near future,” said Ulhaq.
Blockchain Development in the United Arab Emirates
Given the big interest from UAE government in blockchains, they decided to create the Emirates Blockchain Strategy 2021 project. The plan aims to capitalize on blockchain technology to transform 50% of government transactions into a blockchain platform this year.
They have another project that seeks to manage the life cycles of cars in the United Arab Emirates through the use of a blockchain. “The project is aimed at car manufacturers, dealers, regulators, insurance companies, buyers, sellers, and garages. It will provide them a transparent record of the history of the car, from the manufacturer to the junkyard,” they explain.
The Dubai Financial Services Authority (DFSA) recently released the 2021-2022 business plan. They highlighted their intention to promote a public consultation to provide a regulatory environment for Bitcoin and other crypto-assets.
Peter Smith is the managing director and head of strategy, policy, and risk at the DFSA. He explained that they will seek to regulate “a wide range of digital assets including security tokens and utility tokens.” Likewise, they aim to control exchanges and payments with cryptocurrencies, as well as companies that provide relevant services in these markets.”
The DFSA is just an example of the many companies in the world that are including digital assets into their payment methods. They understand that the use of blockchain technology will allow them to their car industry more efficiently.
By Alexander Salazar
