Dubai developer Damac has announced accepting Bitcoin and Ethereum cryptocurrencies. This move will revolutionize the real estate market and bring convenience to investors from different countries.
On April 27, 2022, Damac Properties announced selling real estate for Bitcoin and Ethereum cryptocurrencies.
Damac builds properties in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada, and the UK. According to its annual earnings report, the company generated AED 170 million (USD 46 million) net profit in 2021.
The Dubai-based company noted that the ability to buy real estate with cryptocurrencies will provide foreign real estate investors worldwide with convenience and optionality. This move toward crypto-owning customers intends to accelerate the new economy for new generations and the industry’s future.
It is essential for global companies like Damac to stay at the evolution forefront. Offering one more transactional mode is a unique step for the development industry. This technology really provides customers with significant benefits.
The cryptocurrency adoption in the UAE is proceeding at an exponential pace.
Recently, Dubai-based Bake N More and YallaMarket grocery delivery startup has announced accepting cryptocurrencies as a payment method.
The UAE’s determination to develop the crypto industry has attracted many major companies. Well-known crypto exchanges are moving their headquarters to Dubai after the government decided to issue licenses for virtual assets with the Dubai Virtual Assets Regulatory Authority (VARA).
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Dubai is moving towards becoming a crypto hub. The emirate is also promoting other virtual assets using crypto-friendly regulations.
In March 2022, two of the world’s largest cryptocurrency platforms, “crypto.com” and the Singaporean Bybit company, announced their plans to establish headquarters in Dubai.
Recently, Damac, Edgnex data center company, de-Grisogono luxury jewelry store, and Roberto Cavalli fashion house announced plans to enter the metaverse world and build their own digital cities. This group plans to invest up to USD 100 million in the project. It will operate under D-labs name. The initiative is a part of corporate ambitions on the transition to digital assets and tokens (NFT).
Binance received a license to operate in the Dubai and Abu Dhabi free zones. Kraken also received a license to operate in the Abu Dhabi free zone.
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Is it possible to buy real estate for cryptocurrency in the UAE?
Yes, Damac began to sell real estate for Bitcoin and Ethereum cryptocurrencies.
Can I get a 10-year UAE Golden Visa when buying property in the country?
Yes. If the purchased property costs over USD 544,500, the owner can obtain a 10-year UAE Golden Visa.
Can a foreigner 100% own a company in the UAE?
Yes, the UAE legislation allows full foreign ownership of a company.