The signing of a new memorandum between the Dubai Land Department and Crypto.com opens new opportunities for blockchain integration in real estate transactions.
Memorandum of Cooperation
The Dubai Land Department (DLD) signed a memorandum of cooperation with Crypto.com. The document was signed by DLD Director General Omar Hamad BuShehab and Mohamed Abdul Latif Al Hakim from Crypto.com.
Goals and Directions of the Partnership
The agreement is part of Dubai's Real Estate Strategy 2033, aimed at transforming the sector through emerging technologies such as blockchain and digital payments. Under the partnership, Crypto.com will provide technical solutions for tokenizing properties and streamlining buying and selling processes using cryptocurrency.
The Future of Digital Real Estate in Dubai
Additionally, the Department of Finance in Dubai plans to implement the ability to pay government fees using cryptocurrencies. Concurrently, efforts to tokenize real estate in Dubai continue through the cooperation between PRYPCO and DLD within the Real Estate Sandbox framework.
The collaboration between DLD and Crypto.com could significantly change the real estate market in Dubai, creating a safe and efficient infrastructure for all participants.
