Leading UAE real estate developer MAG will accept stablecoins including USDT and USDC from its customers. For this, it has signed a deal with Bahrain-based crypto-focused financial services company CoinMENA, MAG said in PR. CoinMENA, which is licensed and regulated by the Central Bank of Bahrain, is present in the Middle East and North African countries.
“It is crucial for us to evolve, address current market dynamics, and meet the surpassing demands of our valued investors, who aim to convert their profitable gains into tangible assets using digital currency,” Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, said.
Last month, five-star hotel W Dubai – The Palm allowed customers to pay in Shiba Inu. In September, another five-star hotel Palazzo Versace Dubai announced that it would accept payments in major cryptocurrencies such as BTC and ETH.
Dubai has seen several initiatives this year that mark it as a key destination of the global crypto market. First, it enacted a crypto regulation law and established a regulator — The Dubai International Financial Centre (DIFC) — for the emerging digital economy in March. Last year, the world’s first international digital economy court (DEC) set up by DIFC came up here.
In recent months, Dubai has been vying with Singapore in attracting global cryptocurrency and Web3 companies who are on the lookout for a friendlier jurisdiction with regulatory clarity.
