March 28, 2022
The Dubai skyscraper Burj Khalifa and Emaar, an Emirati multinational real estate development company, have announced that they will accept Bitcoin and Ethereum as payment.
According to the press release received by local media called Lovin Dubai from Emaar, it stated that Emaar will regulate its sales through Bitcoin and Ethereum along with Switzerland-based broker Bitcoin Suisse.
However, it is not a public announcement yet! According to the Twitter account called "CoinzData," it shared a screenshot regarding the same. Since 2019, Emaar’s adopting cryptocurrency for payments has been the most discussed topic in Dubai.
Recently, Dubai introduced a new crypto law through the Virtual Assets Regulatory Authority (VARA) to regulate cryptocurrencies. The government body will take care of trading crypto, regulation, licencing, and governance of the virtual asset.
According to the new law, a trader has to register with VARA before being involved in any crypto transaction.
The Dubai Financial Services Authority (DFSA) is introducing its own regulations for the crypto market.
According to the official email statement, "We are pleased to announce now that all customers will be able to buy Emaar Properties using digital currencies like Bitcoin and Ethereum."