DAMAC Properties has opened the door to dealing with cryptocurrencies and announced that it will accept Bitcoin and Ethereum in the purchase of real estate, in a move aimed at facilitating the transition towards cryptocurrencies.
According to Arabiya Net, the director of operations at Damac, Ali Sajwani, said that this move towards customers who own cryptocurrency, is one of the company's initiatives to accelerate the new economy for new generations and support the future of the real estate sector.
A global study conducted by Toluna, a company specialized in digital market studies, on the trends of global markets to invest in cryptocurrencies, which included the UAE, concluded that the general expectations for investing in cryptocurrencies are much stronger in the UAE than on the other. Globally, it recorded 78% in the net change for investors who expect an increase in the percentage allocated to investable assets in cryptocurrencies compared to 67% globally.
Through this step, DAMAC, one of the first real estate developers who agreed to accept cryptocurrency, is preparing to contribute, through the flexibility and various payment options provided by cryptocurrencies, to enhance the company's efforts to provide solutions to its customers, and attract more From real estate investors from around the world.
Sajwani added: It has become necessary for international companies, such as Damac, to keep pace with development in various aspects of business. Accordingly, providing a new choice of transactions will ensure that additional value is provided. Therefore, we are fully aware of the importance of this transformation to provide more features and options to our customers.
It is noteworthy that the United Arab Emirates is working on developing laws related to the trading of digital currencies, which has contributed to attracting a number of international companies to the country recently, and the major cryptocurrency exchanges are moving their headquarters and businesses to Dubai, after The government’s decision to regulate virtual assets and issue legal licenses for them under the supervision of the Dubai Virtual Assets Regulatory Authority. The emirate is heading to be a center for digital currencies, and is also working to promote other virtual assets in the presence of the legal systems for these currencies. DAMAC Properties is keen to support this trend, by implementing new technologies and beginning to accept payments in Bitcoin and Ethereum.
