Promoters of the future – L’luxury real estate is not new to Dubai. In recent years, the small emirate has even made a specialty of these buildings with disproportionate architecture and stratospheric prices. Dubai has multiplied grandiose projects for tourists or expatriates and luxurious residences have grown on the shores of the Persian Gulf. There would even be buildings in preparation in the metaverse ! On the strength of this reputation, the authorities have decided to ease taxation on cryptocurrencies to attract companies and investors from all over the world. Latest announcement: the country’s biggest promoter will accept the Bitcoin (BTC) and Ethereum as a means of payment. pay one loft with a smartphone? You dreamed it, Dubai made it.
DAMAC Properties is the leading real estate company in United Arab Emirates. It designs and builds private residences as well as commercial or leisure projects all over the world. Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, Maldives, Canada and the United Kingdom are among the list of its clients. With nearly 40,000 homes built, DAMAC Properties is an international real estate giant.
Suddenly, when such an entity makes a statement favorable to cryptocurrencies, the thing resonates everywhere in the business world. Ali Sajwani is the Chief Operating Officer at DAMAC and responsible for the company’s digital transformation initiatives. He said on April 27:
“DAMAC Properties has always been at the forefront of innovation (…) This move towards customers holding cryptocurrency is one of our initiatives to accelerate the new economy for new generations and for the future of our industry. »
He added that it was important for a company like theirs “to stay at the top of the evolution” and to offer a “other mode of transaction”. Beyond the elements of language that smell good corporate communication, we must still recognize that this announcement is important. It’s a positive signal sent to crypto holders around the world. Come to Dubai transform your bitcoins and your ethers in luxury apartments.
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…in a country that increasingly loves cryptocurrency
And in this little corner of the Arabian Peninsula, we have understood the interest of attracting these new kind of investors. The Dubai Virtual Assets Regulatory Authority (VARA) issues licenses for companies wishing to set up in the Emirate. And the least we can say is that it works.
These virtual asset licenses are overseen by the Dubai World Trade Center Authority which coordinates all commercial and regulatory operations. Lately it was the cryptocurrency giant that got its sesame: Binance. L’exchange will therefore be able to offer its services throughout the Gulf sub-region.
“High standards of regulation and compliance are essential to the development and maturation of the global cryptocurrency and blockchain industry. ». Who said that ? This is Changpeng Zhao, the CEO of Binance of course. He knows that regulation will be the trigger for a massive movement of capital to cryptos. Besides, he is not the only one who thinks so and Dubai is already preparing the ground.
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