News

Events

Entertainment

Restaurants

Shopping

Business

Real Estate

Education

Education

Internet Services

Home / Features / Is Crypto Widely Accepted in Dubai?

Special Features

Is Crypto Widely Accepted in Dubai?

Dubai is characterized by its ultra-modern architecture and future-forward approach to lifestyle, business, and economics. It therefore makes sense that the UAE has invested a lot into creating a robust cryptocurrency infrastructure.

The country’s dedication to crypto and blockchain technology resulted in the passing of Law No.4 of 2022: Regulating Virtual Assets in the Emirate of Dubai. This law established the Dubai Virtual Assets Regulatory Authority (VARA) which has since been tasked with regulating the crypto market in the city. Since the passing of this law and the establishment of VARA, has crypto become more widely accepted throughout Dubai?

International transactions and crypto iGaming

Cryptocurrency is only accepted in a limited number of retail shops in Dubai. Dubai-based crypto investors cannot go into any shop and expect the merchant to accept crypto for goods and services. However, nothing is stopping investors from using crypto to carry out international transactions.

If you’re in Dubai and you’d like to make an international payment, you can do so using Bitcoin, Ethereum, or another form of cryptocurrency. Crypto has become a popular international payment method all over the world due to its speed and affordability. Crypto is decentralized, meaning it doesn’t need to pass through a middleman. This results in minimal - if any - fees for the sender.

Cryptocurrency can also be used for other international purposes, such as playing online crypto casinos. These platforms feature classic casino games like slots, blackjack, and poker and accept cryptocurrency as a payment method. They provide low fees, anonymity, and fast deposit and withdrawal times. As stated by crypto-expert Hicham from Techopedia, transaction processing time tends to fall under five minutes. The bonuses on these crypto sites are also notably huge, with some being worth over $1 million (3,673,000 AED).

Shopping

As mentioned, crypto is not widely accepted as a payment method for businesses based in Dubai. However, there are a few exceptions - namely, the six Majid Al Futtaim shopping malls found throughout the city. This shopping mall brand, which is prominent right across the Middle East and Africa, announced in 2022 that it would be partnering with Binance.

This partnership involved several blockchain collaborations, including the creation of a digital wallet, the creation and listing of several NFTs, and the integration of Binance Pay into Dubai’s shopping malls. This means that Majid Al Futtaim customers can now make purchases using cryptocurrency.

Each of the six Majid Al Futtaim shopping malls features a wide range of stores. This includes recognizable brands such as Carrefour, Harvey Nichols, Apple, Debenhams, Zara, H&M, Tods, and American Eagle.

The Mall of the Emirates branch boasts 545 shops and 96 restaurants and welcomes 40 million people every year.

Experiences

In 2022, the Palazzo Versace Dubai announced its partnership with Binance which made it the first hotel in the city to accept cryptocurrency as a payment method.

In the time since, visitors to this hotel have been able to pay for their rooms, spa days, meetings, events, and dining experiences using whichever cryptocurrency they wish. All transactions are completed through the Binance gateway, which supports over 350 types of cryptocurrency.

In addition to experiences, the Palazzo also accepts crypto payments on its eCommerce website and for the purchase of hotel gift cards.

The Palazzo is one of Dubai’s most fashionable hotels and is located right on the Jaddaf Waterfront. According to RocketReach, the annual revenue of the hotel was $86.1 million in 2024. This suggests that it is one of the most lucrative venues in the city, which is perhaps at least partially due to its crypto-acceptance.

The influence that Versace as a brand has will likely inspire other hotels in the city to start accepting cryptocurrency.

Salary payment method

If you get a job in Dubai, you can now opt to receive your salary in cryptocurrency. This is one of the most recent developments in crypto-acceptance news, having only been announced in August 2024.

The Dubai court had previously rejected a similar law in 2023 due to precise valuation concerns. However, the court U-turned this year and passed case number 1739 of 2024 having recognized it as a positive step towards further integrating crypto in the country’s economic and legal framework.

Licensing

For a short while, crypto could also be used in other areas of business, such as to pay for licensing fees. In 2021, Kiklabb, an organization that provided licenses for businesses, announced that it would start accepting crypto as a payment means. Specifically, the company identified Bitcoin, Ethereum, and USDt as accepted means of crypto payments.

This announcement was important not only because it furthered the acceptance of crypto in Dubai, but also because Kiklabb was affiliated with the government. This company was directly owned by Ports, Customs, and Free Zone Corporation which, in turn, is a body of the Government of Dubai.

This meant that Kiklabb was the first ever government entity in the country to accept cryptocurrency as a payment means. However, the company has since closed, so it’s no longer possible to use crypto to pay for licensing - at least for the time being.

Final thoughts

Dubai has taken steps to make cryptocurrency more widely accepted as a payment method throughout the city. Since the formation of VARA in 2022, several significant milestones have been reached - namely, crypto being accepted in Majid Al Futtaim malls and the Palazzo Versace Dubai. The recent announcement that crypto could now be used as a salary payment method suggests that further acceptance is due in the future.

We accept Guest Posts