By
Steve Muchoki
April 25th, 2024
In addition to adding support for crypto payments, Damac Properties will invest as much as 367 million UAE dirhams ($100 million) in its new Metaverse project that aims to build virtual cities.
Damac Properties, the leading developer of bespoke homes and luxury destinations in Dubai, has announced it would start accepting crypto as payment. In particular, the real estate company will enable purchasing properties with Bitcoin (BTC) and Ethereum (ETH).
Ali Sajwani, general manager of operations at Damac and lead of the organization’s digital transformation initiatives, commented:
“This move towards customers holding cryptocurrency is one of our initiatives to accelerate the new economy for newer generations, and for the future of our industry. It is crucial for global businesses like ours to stay at the top of evolution. Offering yet another transactional mode is exciting, and we are glad to recognize the value this technology brings to our customers.”
In addition to adding support for crypto payments, Damac Properties will invest as much as 367 million UAE dirhams ($100 million) in its new Metaverse project that aims to build virtual cities.
Damac Properties has been at the forefront of the Middle East’s luxury real estate market since 2002. The group aims to bring luxury living experiences to residents from all over the world. It offers iconic design and perfect quality, with projects in the UAE, Qatar, Saudi Arabia, Jordan, Oman, Lebanon, and the UK.
Dubai Becoming a Crypto Hub
While the crypto industry is still facing scrutiny from regulatory watchdogs in some countries, Dubai is very tolerant of blockchain due to its compliant regulatory regime. On March 9, Dubai introduced its first law meant to regulate digital assets. Under the law, a Dubai Virtual Assets Regulatory Authority (VARA) was established. The VARA serves as an independent authority under the Dubai World Trade Centre Authority that oversees the regulation, governance, and licensing of cryptocurrencies, NFTs, and other digital assets.
As a result of Dubai’s support of crypto, many crypto exchanges and companies are expanding or moving their operations to Emirati. For example, Binance received in-principal approval from Abu Dhabi Global Market, and its CEO, Changpeng Zhao, has considered Dubai for its global headquarters and his base. With an official license from Dubai’s Virtual Asset Regulatory Authority, Binance can now operate and expand in the region under the Emirate’s ‘test-adapt-scale’ model for crypto assets. Besides, earlier, Binance partnered with the Dubai World Trade Center Authority to help it set up and regulate an international digital asset ecosystem. It also opened 100 jobs in the UAE.
Recently, Bybit also announced relocating its business to Dubai. Its rival Crypto.com named the city as its new regional hub as well.