free space

"Crypto" real estate

Walid Al Zarooni

March 21, 2022

The pace of adoption of the digital economy is increasing in all sectors, with countries adopting modern technologies and expanding in regulating digital assets, and Dubai was the first of its kind to regulate virtual assets.

This March, we witnessed the announcement of the unique law, which establishes an independent authority to oversee the development of the best business environment in the world for virtual assets, regulation, licensing, governance, and consistency with local and global financial systems.

This law will indirectly support the real estate sector through several advantages, as it will provide an option for groups who prefer to pay through these means, as well as attract segments of investors and dealers who trade in these assets, and I also expect that real estate companies will increasingly adopt digital systems, especially with the adoption of a law New Organized to show new terms such as "Aqar Queen", or "Crypto Aqar".

Foreseeing the future and the constant race against time is what Dubai succeeds in, and there is no doubt that its early adoption of virtual assets reflects the expected great activity, and the future popularity of these technologies in the near future.

As His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai emphasized: “The future belongs to whoever designs it.. Today, through the Virtual Assets Law, we seek to participate in the design of this new and rapidly growing global sector.. Our step is a leap.” Towards the future, its goal is to develop this sector and protect all investors in it. The future is more beautiful, more comprehensive, and better, God willing.”

Also, the Dubai World Trade Center was approved as an integrated area that supports the regulation and supervision of virtual and encrypted assets and their products, digital exchanges, and operators in the emirate.

On the other hand, the cryptocurrency trading platform Binance has signed a cooperation agreement with the Dubai World Trade Center Authority, to accelerate the establishment of a new center for global digital assets in Dubai.

In conjunction with the law, real estate companies have recently begun to promote their properties and accept cryptocurrencies as acceptable payment currencies, so that Dubai maintains the investment momentum, diversity and modernity in everything, to reach the preferred city of the future to live.

This comes after the use of cryptocurrencies for payment has become increasingly popular in all the world's high-end cities. Therefore, the adoption of these currencies by real estate companies will increase the buying and selling of real estate, and diversify the payment options for investors.

Creating the digital environment, diversifying the options for investors, in addition to a set of other factors, will push foreigners to work and live in Dubai. Therefore, the demand for real estate will continue to recover, and record levels in terms of real estate transactions and sales.

• The early adoption of virtual assets reflects the expected high activity and future popularity of these technologies.

Chairman of the Board of Directors of “W Capital Real Estate Brokerage Company”

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