London Daily

Focus on the big picture.
Saturday, Jul 05, 2025

Real estate payments in cryptocurrency could become more popular in UAE

Real estate payments in cryptocurrency could become more popular in UAE

Real estate transactions involving cryptocurrency in Dubai and throughout the UAE could become more popular, with the region positioning itself as a digital money hub.
The UAE is becoming more of a base for innovative companies and individuals to set up shop, including those interested in cryptocurrencies, with a recently passed law making it even easier and more attractive for people to work with digital currencies in Dubai.

According to a recent report by accounting giant PwC, the UAE’s share in the global crypto market increased by 500 percent between July 2020 and June 2021 and there are reportedly more than 400 crypto businesses in the country.

“[I] think more people [will be] be moving over that are interested in that world and, obviously, they all need somewhere to live… or [want] to invest in properties,” Paul Kelly, Operations Director at Allsopp & Allsopp Real Estate told Al Arabiya English.

“I think as we go on over the next few years, there'll be an increase in demand [for paying for real estate with cryptocurrency],” he added.

“A crypto grows, as it is utilized by more people around the world, the number of use cases will grow and one of many use cases [is] real estate,” Kim Grauer Director of Research at Chainalysis – a platform that provides data on blockchain – the technology used to process and record crypto payments, told Al Arabiya English.

In March this year, UAE Vice President and Dubai Ruler Sheikh Mohammed bin Rashid set up new regulation in the emirate in a bid to make the UAE more attractive to people using virtual assets. The legal framework was established to protect investors and promote growth in the virtual asset industry, state press agency WAM reported at the time.

Sheikh Mohammed also announced that Dubai would set up a Virtual Asset Regulatory Authority that will work with the Central Bank of the UAE, which should make paying in crypto currencies easier and safer.

The UAE’s crypto hub Dubai doesn’t actually accept cryptocurrency payments for goods, which means that if a buyer wants to purchase something using digital money, they must go to a so-called exchange house which converts it into Fiat currency – such as UAE Dirhams, or US dollars. Crypto exchanges in the UAE include e-Toro, Coinbase, OKX and Binanace.

But despite this, in a sign that the country’s efforts to draw in crypto-based business is working, companies involved in crypto payments are still moving over to the UAE to set-up shop.

“We've heard of businesses [and] we've heard of businesspeople traveling and moving to UAE because of these favorable regulations,” Grauer said.

In March this year both Crypto.com and Bybit announced plans to open offices in Dubai. Crypto.com moved its regional headquarters to Dubai while Bybit moved its global headquarters to the emirate.

“Positioning itself as a global digital hub, authorities have been making efforts to transform its economy, embracing the latest fintech innovations while creating the necessary regulatory frameworks,” the company said in a blog at the time.

A survey from YouGov showed that 67 percent of EU residents are interested in investing into cryptocurrencies within the next five years and that UAE is one of the top markets globally where consumers say they trust cryptocurrencies.

“The UAE is one of the fastest growing crypto hotspots that we’re really paying close attention to chain analysis these days, especially within the Middle East region,” said Grauer.
Newsletter

Related Articles

0:00
0:00
Close
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
×