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United Arab Emirates-based high-end real estate developer DAMAC Properties will soon be accepting crypto payments for property purchases in the region, the company said in a Wednesday statement.
The announcement detailed that DAMAC will accept payments in Bitcoin (BTC) and ethereum (ETH), as it aims to “accelerate the new economy for newer generations, and for the future of our industry.” ALi Sajwani, general manager of operations at the company and lead of its digital transformations initiatives, added:
“DAMAC Properties has always been at the forefront of innovations from developing luxury homes to creating unique experiences.”
DAMAC follows the example of Colombian real estate platform, La Haus, which by the end of 2021, started offering Bitcoin investors to purchase real estate with the cryptocurrency directly.
As part of the United Arab Emirates, Dubai and Abu Dhabi are gaining traction in the crypto industry by establishing themselves as crypto hotspot in the Middle East and Gulf Region. This as a result of a clear regulatory framework by which crypto firms can operate by.
Dubai is currently home to cryptocurrency exchanges Crypto.com and Bybit, while Binance and Kraken have recently received licenses to operate in the Abu Dhabi free trade zone.