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“DAMAC” allows the purchase of real estate against payment in cryptocurrency

DAMAC Properties announced that it will accept Bitcoin and Ethereum when buying real estate, in a move aimed at facilitating the transition to cryptocurrencies.

DAMAC Operations Director Ali Sajwani said this move towards clients owning cryptocurrencies 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 by Toluna, a company specializing in digital market research, on the trends in global markets for investing in cryptocurrencies, which included the UAE, concluded that overall expectations for investing in cryptocurrencies are much stronger in the UAE than in the world, with 78 % in net change for investors expecting 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, prepares to contribute through the flexibility and the various payment options that cryptocurrencies offer, to strengthen the company’s efforts to provide solutions to its customers, and to attract more real estate investors from around the world.

Sajwani added: “It has become imperative for international companies like Damac to keep pace with developments in various aspects of the business. Therefore, a new choice of transactions will ensure added value. Therefore, we are fully aware of the importance of this transformation to provide more benefits opportunities for our customers.

It is noteworthy that the UAE is developing laws related to digital currency trading, which has helped attract a number of international companies to the country recently, and the major cryptocurrency exchanges are moving their headquarters and business to Dubai, following the government’s decision to regulate Virtual Assets and Issuing Legal Licenses It is under the supervision of the Dubai Virtual Asset Regulatory Authority. The emirate is on its way to becoming 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 eager to support this trend by implementing new technologies and starting to accept payments in Bitcoin and Ethereum.

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