Kiklabb, an entity owned by the government of Dubai to issue free zone and onshore licenses, has began accepting bitcoin, ethereum and tether for the payment of fees.
“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. Cryptocurrencies are the payment method of the future,” said Tasawar Ulhaq, the CEO of Kiklabb.
Kiklaabb also facilitates workspaces as well as resident visas and other business services with Ulhaq stating:
“We’re in talks with high-profile players in the cryptocurrency sector who are exploring entry into Dubai.
In addition, we have a robust community of local and international companies associated with smart contracts, blockchain and private equity working alongside start-ups in the fields of education, healthcare, and food technology.”
They have been exploring blockchain tech since at least 2018 with numerous projects carried out in the kingdom.
Its not clear however just how many in Dubai hold bitcoin or eth, or whether the kingdom will diversify into crypto assets, but their acceptance for government related functions is a first in the region.