Crypto firms are flocking to Dubai after the emirate passed the Virtual Assets Law on 28 February 2022.

This innovative law, plus Dubai’s efforts to come clean after it was added to the Financial Action Task Force (FATF), are proving to be a magnet for crypto firms looking to establish a foothold, or HQ, in a crypto-friendly jurisdiction. A few big names: Binance, FTX, Crypto.com, and Bybit. (CryptoNews)

In fact, Binance received one of the first licenses issued by Dubai’s Virtual Asset Regulatory Authority (VARA) established under the new law.

VARA sits within the Dubai World Trade Centre tasked to regulate exchanges, wallets, issuers and all activities related to cryptos.

Its also interesting that there is an uptick in the use of cryptocurrencies for making payments that were hitherto the preserve of fiat money.

Dubai: DAMAC Properties

The Dubai-based real estate developer, DAMAC Properties, has year-to-date, completed cryptocurrency deals worth $50 million, the company’s chief operating officer (COO) Ali Sajwani revealed.

The transactions were routed through the Abu Dhabi Global Market, a trusted intermediary, to whom the customer paid over crypto such as bitcoin or ether. This financial intermediary transferred an equivalent in dirhams or dollars to DAMAC’s digital wallet.

Al Jalila Foundation

UAE charitable and healthcare organization Al Jalila Foundation can now accept charitable donations in cryptocurrencies, being facilitated by an unnamed “leading cryptocurrency platform.”

The move is likely to be lauded by Millennial and Gen-Z donors, the Foundation said.

Majid Al Futtaim

Dubai’s Majid Al Futtaim, a retail mega group with interests in shopping malls, hotels, cinemas, hypermarkets, and retail stores in the Middle East, Africa, and Asia, has partnered on crypto with Binance.

Changpeng Zhao (CZ), CEO and co-founder of Binance, tweeted last week: “29 shopping malls, 13 hotels, and four mixed-use communities now accepts crypto through Binance Pay. Adoption continues.”

Related Story: Dubai World Trade Centre To Be Key Zone And Regulator For Crypto; Binance Signs Cooperation Agreement