Dubai has been making headlines as a hub for innovation and technology—we’ve seen it with our own eyes when visiting SiGMA Asia this year. The city is quickly becoming a leader in the crypto world, with its government support for crypto payments and growing infrastructure. In this article, we will explore Dubai’s rise to the top as a crypto capital and the success stories of businesses accepting crypto payments in the city. We will also compare Dubai’s crypto payment infrastructure with other countries and discuss how to accept crypto payments in Dubai using NOWPayments.
Overview of Dubai’s Crypto Landscape
Dubai is a city that’s always been at the forefront of innovation, and it’s no different when it comes to the crypto space. The city has been steadily developing its crypto ecosystem, with the Dubai Multi Commodities Centre (DMCC) launching the DMCC Crypto Centre in 2021. The centre is designed to offer a platform for startups and entrepreneurs to develop and launch their own crypto projects.
Furthermore, the Dubai government has been very supportive of crypto payments. The Dubai Department of Economic Development (DED) has launched a blockchain-based business registry, which allows businesses to register and conduct transactions using cryptocurrencies. This move has made Dubai one of the most crypto-friendly cities in the world.
Dubai’s Government Support for Crypto Payments
Dubai’s government has been very supportive of crypto payments, and it’s not just the DED that’s leading the way. The Dubai Multi Commodities Centre (DMCC) has also launched the DMCC Crypto Centre, which is designed to provide a platform for startups and entrepreneurs to develop and launch their own crypto projects. The centre offers a range of services, including incubation, mentoring, and funding.
The Dubai government has also launched its own digital currency, called emCash. The currency is designed to be used for everyday transactions, and it can be used to pay for everything from groceries to utility bills. The government has also launched the DubaiPay app, which allows residents to pay for government services using cryptocurrencies.
Dubai’s Growing Crypto Infrastructure
Dubai’s growing crypto infrastructure is another factor that’s contributing to the city’s rise as a crypto capital. In addition to the DMCC Crypto Centre, the city has also launched the Dubai Blockchain Strategy, which aims to make Dubai the first blockchain-powered government in the world by 2020.
The strategy has four pillars: government efficiency, industry creation, international leadership, and social prosperity.
The Dubai International Financial Centre (DIFC) has also launched its own fintech hub, which is designed to provide a platform for startups and entrepreneurs to develop and launch their own crypto projects. The hub offers a range of services, including mentoring and funding.
Success Stories of Businesses Accepting Crypto Payments in Dubai
There have been several success stories of businesses accepting crypto payments in Dubai. One of the most notable is the Dubai-based real estate developer, Emaar Properties, which announced in 2019 that it would be accepting payments in Bitcoin and Ethereum. This move made Emaar Properties one of the first major real estate developers in the world to accept crypto payments.
Another success story is the Dubai-based luxury car dealer, BitCar. The company lets customers purchase luxury cars using cryptocurrencies such as Bitcoin and Ethereum. According to BitCar’s CEO, Dr. Gov Van Ek, the company has seen a large increase in crypto payments over the past year.
Comparison of Dubai’s Crypto Payment Infrastructure with Other Countries
Dubai’s crypto payment infrastructure is one of the most developed in the world. The city’s government support for crypto payments, combined with its growing infrastructure, makes it an attractive destination for businesses looking to accept crypto payments. However, other countries are also developing their own crypto payment infrastructure.
For example, Switzerland has been a leader in the crypto space for several years. The country is home to several crypto startups and has a very supportive government. Singapore is another country that’s been making waves in the crypto space. The city-state has launched several initiatives aimed at developing its crypto ecosystem, including the Singapore Blockchain Innovation Programme.
How to Accept Crypto Payments in Dubai Using NOWPayments
If you’re a business looking to accept crypto payments in Dubai, then NOWPayments is the perfect solution. NOWPayments is a crypto payment gateway that allows businesses to accept a wide range of cryptocurrencies. The platform is easy to use and offers a range of features, including real-time exchange rates and instant withdrawals.
To start accepting crypto payments using NOWPayments, simply follow these steps:
- Sign up for an account.
- Add your crypto wallet.
- Create an API Key in Payment Settings.
- Choose your payment method. NOWPayments offers a range of integrations, including WooCommerce, Shopify, and Magento plugins, a payment link, and an API.
- Once you’ve integrated the platform, your customers will be able to pay for your products or services using cryptocurrencies.
Future Outlook for Crypto Payments in Dubai
The future outlook for crypto payments in Dubai is very positive. The city’s government support for crypto payments, combined with its growing infrastructure, makes it an attractive destination for businesses looking to accept crypto payments. Furthermore, the Dubai government has launched several initiatives aimed at developing its crypto ecosystem, including the Dubai Blockchain Strategy.
As more businesses adopt crypto payments, we can expect to see a wider range of products and services being offered in exchange for cryptocurrencies. This will further cement Dubai’s position as a crypto capital and attract even more businesses to the city.
Conclusion
Dubai’s rise as a crypto capital is not surprising given the city’s long history of innovation and technology. The city’s government support for crypto payments, combined with its growing infrastructure, makes it an attractive destination for businesses looking to accept crypto payments. The city has already seen several success stories of businesses accepting crypto payments, and we can expect to see more in the future. If you’re a business looking to accept crypto payments in Dubai, then NOWPayments is the perfect solution. Sign up today and start accepting a wide range of cryptocurrencies.