Commercial entities to establish Saudi digital bank, subject to approvals

Commercial entities to establish Saudi digital bank, subject to approvals
Commercial entities to establish Saudi digital bank, subject to approvals

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Jeddah - Yasmine El Tohamy - : A Dubai government-owned licensing company has recently allowed virtual currency as a payment option for its services.

KIKLABB, which assists companies to set up in Dubai, said customers could now pay for trade licenses and visa fees by Bitcoin, Ethereum, or Tether.

The move comes as a response to a “growing interest in cryptocurrency with several customers in blockchain and fintech (financial technology) sectors,” said KIKLABB chief executive officer, Tasawar Ulhaq.

He pointed out that the method of payment allowed more accessibility for entrepreneurs around the world to set up in the UAE.

“It really was just a matter of time before we recognized Bitcoin, Ethereum, and Tether. Cryptocurrencies are the payment method of the future,” Ulhaq added.

He said KIKLABB could lead the way for other businesses in the UAE to adopt modern systems of payment.

“We’re the first government-owned licensing entity in the UAE to accept cryptocurrency payments, and certainly not the last. With the technology rapidly gaining traction across the Middle East, I’m eager to see how it changes the way we do business in the near future,” he added.

The rise of cryptocurrencies has led to growing interest in blockchain technology.

According to research firm MarketsandMarkets, the global blockchain market size was estimated to rise from $3 billion in 2020 to $39.7 billion by 2025.

The UAE aims to use blockchain technology for 50 percent of government transactions this year.

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