The United Arab Emirates is witnessing an active adoption of cryptocurrency payments in both business and government sectors. Major firms like Gulf Craft and governmental organizations are beginning to utilize digital currency for streamlining financial transactions.
Gulf Craft Accepts Cryptocurrency Payments
Gulf Craft, a leading manufacturer of luxury yachts and leisure boats, has announced its acceptance of cryptocurrency payments in the UAE and Bahrain. The company is collaborating with fintech provider ARP Pay to convert stablecoins such as USDT and USDC into AED or USD. Chairman Mohamed Hussein Alshaali noted that integrating ARP Pay meets client preferences and strengthens the UAE's reputation for manufacturing and financial innovation.
UAE Judicial Success with Digital Currency
Recently, the Abu Dhabi Judicial Department (ADJD) announced a partnership with Al Maryah Bank to implement digital currency for payments related to legal services. ADJD became the first governmental entity in the Middle East to accept an AED stablecoin, AE Coin, for judicial transactions. Additionally, the Dubai Department of Finance signed a memorandum with Crypto.com to enable cryptocurrency payments for governmental services.
The Future of Cryptocurrency in UAE Government and Business
The ongoing trend of adopting cryptocurrency payments across various sectors in the UAE underscores the country's commitment to financial innovation. Gulf Craft Group CEO Erwin Bamps highlighted that crypto payment options keep the company ahead of the curve and allow them to attract clients who prefer using digital assets, opening new opportunities for segments of crypto holders wishing to transact with digital means.
The overall trend towards integrating cryptocurrency into different sectors of the UAE economy signifies the nation's efforts to modernize its financial system and create a more flexible and innovative business environment.
