UAE’s Biggest Real Estate Firm Now Supports ETH And BTC Payments

Highlights of a communique between Emaar and UAE-based real estate agents show that the realty firm now supports BTC and ETH payments. Emaar is the biggest real estate firm across the UAE and the master developer of the Burj Khalifa (the tallest structure in any location globally).

No Official Confirmation Yet

A UAE-based media firm, Lovin Dubai, was the first to break the news and revealed that it got the information via a circular the real estate behemoth sent to all UAE-based real estate agents. The local news media firm further revealed that Swiss-based crypto broker, Bitcoin Suisse, will provide technical support to enable Emaar to accept crypto payments. But, Emaar is yet to issue an official announcement in that regard. Lovin Dubai got wind of the news through a tweet screenshot from the @coinzdata Twitter channel, indicating that @coinzdata is the news source.

Part of Emaar’s email to UAE-based real estate agents. Source: Lovin Dubai

Strangely, @coinzdata has since deleted the tweet. Over the past three years, there have been rumors that Emaar will start supporting crypto payments for those willing to pay for its real estate properties through crypto. However, the real estate developer has constantly denied the report, reiterating that it only supports US dollars or UAE’s Dirhams as forms of payment.

Monitoring The Crypto Space

Emaar is the most popular real estate firm in UAE. While it became more popular because of its exploits in the construction of the Burj Khalifa, it is also heavily involved in creating luxury properties across the region.

The UAE government has been making moves to regulate crypto transactions in the country, and a few weeks ago, it established a government agency called VARA (Virtual Assets Regulatory Authority). VARA’s primary responsibility is to supervise how cryptos are issued and traded. It is also responsible for renewing operational licenses for existing crypto exchanges and approving operating licenses for new ones.

Dubai Hosts Investopia Summit

Top players across different industries from the UAE will meet today in Dubai for the Investopia summit. The primary aim of the summit is to discuss reforms to the economy, with a keen focus on paying salaries with cryptos.

While authorities are willing to pay employees their salaries in stablecoins (as it is being done in some countries already), they are worried that the employees are not adequately knowledgeable about how crypto payments work. A top government official revealed that one of the summit’s highlights would be the role of banks in blockchain technology and cryptos.

The summit will also feature discussions on the metaverse. The metaverse space has been the media’s focus, and it’s growing at a fast pace since the beginning of this year. It is expected that participants at the summit will proffer ways Dubai can benefit from the metaverse space. Also, it might prompt the revamp of the nation’s crypto policy. Regardless of the summit, crypto adoption has been growing fast in Dubai, like in many other regions across the continent.