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Bitcoin: Kiklabb, Dubai, first government entity to accept cryptocurrency

Bitcoin and other cryptocurrencies are now acceptable forms of payment at Dubai-based free zone Kiklabb.

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One of Dubai’s newest free trade zones, Kiklabb is a government-owned licensing company. It is the first government entity to allow Bitcoin as a payment option for its services.

Kiklabb helps companies to launch in Dubai, UAE. Customers can now pay for trade licenses and visa fees via Bitcoin, Ethereum or Tether.

Kiklabb also leases office space to clients on board the QE2 at Port Rashid. Payments for office space can now be made in cryptocurrencies.

The move comes after “growing interest in cryptocurrency with several customers in blockchain and fintech (financial technology) sectors”, said Kiklabb CEO, Tasawar Ulhaq (via Arab News).

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

Bitcoin, Ethereum or Tether accepted

“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.”

According to MarketsandMarkets, the global blockchain market size was predicted to grow from $3 billion in 2020 to $39.7 billion by 2025.

Dubai is developing a structure for the wider use of cryptocurrencies. The UAE has a national strategy that aims to use blockchain for 50 percent of government transactions in 2021.

Despite the outbreak of COVID-19, the domestic tourism sector in the UAE and Sharjah is picking up as UAE residents head to national destinations.

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Bea Mitchell

A journalist specialising in entertainment and attractions, Bea loves theme parks (mainly Disney) and is particularly interested in things of a gothic, horror or fantasy nature.

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