A Dubai's KIKLABB is now accepting Bitcoin as a means of payment

A Dubai's KIKLABB is now accepting Bitcoin as a means of payment

Tasawar Ulhaq, the chief executive officer of KIKLABB, acknowledged the growth in cryptocurrency and the need to embrace said growth.

Dubai’s KIKLABB now accepts Bitcoin and other cryptocurrencies as an option for payment transactions, making it the first government entity to do so in the UAE.

Owned by Ports, Customs and Free Zone Corporation (PCFC), KIKLABB was formed to issue both Free Zone and Onshore licenses with its headquarters located in the Mina Rashid District on Queen Elizabeth II. Whether you wish to set up, launch or grow your business from beginning to end, it offers all the necessary services required.

Payments in the form of Bitcoin, Ethereum and Tether (USDt), will also be accepted for anything related to trade licenses and visa fees issued by it, in order to allow more accessibility for entrepreneurs in different parts of the world to set up in the UAE, while also making it the first to adapt to the modern system of accepting payments.

Tasawar Ulhaq, the chief executive officer of KIKLABB, acknowledged the growth in cryptocurrency and the need to embrace said growth.

“There is a growing interest in cryptocurrency with several customers in blockchain and fintech (financial technology) sectors,” he said.

With the technology quickly gaining traction in the Middle East, the UAE’s national strategy aims to have 50 per cent of its government transactions in Blockchain this year while changing the way business is done in the foreseeable future as it continues to make massive changes in this sphere.

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