DAMAC Properties, a leading luxury real estate developer in Dubai, has announced that it will support the digital economy by providing the ability to pay for properties with crypto assets denominated in Bitcoin and Ethereum.
The developer believes that this measure will “revolutionize” the real estate market, making the terms of transactions more comfortable for customers around the world. The seller called the start of settlements using cryptocurrencies “an initiative to develop a new economy for new generations.”
The United Arab Emirates is developing a comprehensive system for regulating cryptocurrencies, the agency notes. Thus, by the end of the first quarter of 2022, the local regulator was supposed to make changes to the legislation that would make it possible to issue licenses to providers of virtual assets. In some areas, the UAE has already begun issuing such permits.
DAMAC also stressed that Dubai is becoming a crypto hub thanks to government regulations and virtual asset licenses, with leading exchanges such as Bybit, Binance and FTX Europe recently opening their offices there. Kraken also received a license earlier this week.
In February, Ali Hussain Sajwani, COO of DAMAC and head of the company’s digital transformation initiatives, noted that “the company has ambitious plans to launch its own NFT-backed Metaverse platform.”
Damac, founded in 2002, is represented in many countries, including the UK, Qatar, Saudi Arabia and Oman. Last year, the company’s revenue amounted to 3 billion UAE dirhams (816.8 million US dollars).
Source: ixbt
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