United Arab Emirates-based luxury real estate developer DAMAC Properties will soon begin accepting Bitcoin payments for the sale of property in the region. DAMAC Properties has always been at the forefront of innovations from developing luxury homes to creating unique experiences. This move towards customers holding cryptocurrency is one of our initiatives at DAMAC to accelerate the new economy for newer generations, and for the future of our industry. DAMAC is not the first real estate developer in the world to take Bitcoin payments.
DAMAC’s move showcases a regional determination for fostering a Bitcoin economy as the United Arab Emirates seeks to establish itself as a welcoming region for the development of cryptocurrency businesses. Kraken recently received regulatory approval from the ADGM and Financial Services Regulatory Authority to become the first cryptocurrency exchange to offer direct funding and trading in UAE dirhams against bitcoin. Binance also is among those considering opening an office in the Middle East as the exchange was recently given approval to operate in Abu Dhabi. Bybit was also given approval to open a headquarters in Dubai.