United Arab Emirates (UAE) real estate developer MAG is set to facilitate real estate purchases using cryptocurrencies. The news comes as part of a partnership with crypto asset service provider in the Middle East and North Africa, CoinMENA.
Under the agreement with CoinMENA, the developer MAG will begin accepting stablecoins, including USDT and USDC. The partnership also aims to accelerate the growth of Dubai’s new economy.
Talal Moafaq Al Gaddah, senior executive vice chairman of MAG, explained the decision to partner with CoinMENA. He commented: “We are delighted to sign this agreement with CoinMENA to accept cryptocurrency transactions through its state-of-the-art platform. It is crucial for us to evolve, and address current market dynamics. We must also meet the surpassing demands of our valued investors, who aim to convert their profitable gains into tangible assets using digital currency.
“As a catalyst for Dubai’s real estate industry, we will spare no effort to progress upon the emirate’s digital economy and consolidate its prominent global position.”
Driving crypto adoption across MENA
CoinMENA is regulated and licensed by the Central Bank of Bahrain as a crypto asset service provider. CoinMENA enables retail and institutional investors to connect bank accounts with CoinMENA wallets directly. The platform is then able to provide access to crypto asset investment options.
Talal Tabbaa and Dina Sam’an, two founders of CoinMENA, also released a joint statement regarding the news. The statement explains the move “signals to the market that crypto adoption is growing and becoming a viable exchange medium to purchase ‘real world’ assets.”
In July, CoinMENA expanded its digital assets exchange services to Egypt. The platform began to enable local residents to open accounts and connect their bank accounts to their CoinMENA wallets in order to deposit and withdraw funds directly.
Talal Tabbaa commented on the expansion earlier this year. He said: “The potential in Egypt is massive. Crypto can provide 100 million Egyptians with access to premium financial services.”
Dubai strengthens position as a crypto hub
The news becomes the latest in a long line of recent developments that support Dubai’s ambition to be a leading global crypto hub. Recently, the Dubai Financial Services Authority (DFSA) launched a ‘Crypto Token regime’. The regulator aimed to address anti-money laundering and as well as terrorism finance risks.
Earlier in 2022, Dubai established the Dubai International Financial Centre (DIFC). The regulator was made to specifically cover the emerging digital economy in March. The moves indicate Dubai’s aims to become a leader in the crypto and tech space.
Graduating from Aarhus University with a degree in communication and media studies, Kristina has been an avid writer and follower of the finacial news and cybercrymes space since 2011. A well-traveled journalist within the industry, Aubrey has written for many well-known outlets, and can often be found poring over white papers when she isn’t writing for Financial Magazine