Dubai is searching for new strategies to enhance crypto adoption following a recent jump in the city’s number of digital asset companies. One of the first schools in the region to support the payment of school fees using cryptocurrency is ‘Citizens School’ in Dubai.
Upcoming Dubai School To Accept Cryptocurrency Payments
Dubai parents may soon be able to use cryptocurrencies to pay for their children’s schooling in a new school, according to recent reports. Because of this, it will be the first company to collect payments in the form of digital assets.
The Citizens School, which is set to open in September, will accept Bitcoin (BTC) and Ether (ETH), the two most significant cryptocurrencies by market value (ETH). But according to the story, a local firm will change the money into Dirhams immediately.
The current efforts of the city are to create a legal foundation for cryptocurrencies and develop Dubai into a Crypto community were a major factor in the decision.
“Coins like Bitcoin and Litecoin were only known to some well-educated people before the rise of cryptocurrencies. Although bitcoin is growing more ubiquitous, the existing banking system is being reshaped by this technology. By “reimagining every aspect of the learning experience,” — Dr Adil Alzarooni, the founder of Citizens School, explains how the school is transforming the education sector.
Digital asset payments, according to him, would boost the contributions of younger generations to the country’s digital economy.
Bybit And Crypto.com Cryptocurrency Exchanges Welcomed In Dubai
An increasing number of investors are interested in the laws and regulations governing the use of cryptocurrencies in Dubai. Crypto.com revealed Monday that it was opening a regional hub office in Dubai, the same day Bybit announced that it was moving its headquarters from Singapore to Dubai. After Dubai passed a new bill to make the emirate a worldwide community for cryptocurrencies including related businesses like the metaverse, these announcements follow.
The preliminary authorization has been granted to Bybit to conduct virtual asset enterprises in Dubai, the company reported in a statement. The new corporate headquarters of the corporation is expected to be operational as early as April.
Ben Zhou, CEO of Bybit says that they are pleased to play a role in facilitating Dubai’s growing economy’s virtual asset developments and to have their main station in UAE,”. “This in-principle permission is a fantastic opportunity for Bybit to assist the United Arab Emirates and other regions to attain the status of a worldwide virtual assets tech community.
Crypto.com has announced that it intends to “significantly” expand its operations into Dubai within the next few months. The company, which was originally based in Hong Kong before relocating to Singapore, announced plans to hire a big number of new employees soon.
By enacting new regulations, the United Arab Emirates hopes to become a worldwide crypto powerhouse. As of mid-March, Binance, the largest cryptocurrency exchange in the world, was granted a license to conduct its regional operations out of Dubai, which is based in the United Arab Emirates. In addition, the European affiliate of cryptocurrency trading platform FTX has announced the opening of a regional office in the city of Madrid.