Dubai has become the home to several digital asset companies over the last few months and wants to increase crypto adoption using other methods. A local school has reportedly stated that it would accept digital asset payments as tuition fees.
Schools in Dubai Accept Crypto
According to Zawya, parents in Dubai can pay tuition fees using cryptocurrency at a new school. It would be the first Middle East entity to receive digital assets payments.
In September, the Citizens School will open its doors and accept bitcoin (BTC), and ether (ETH) as cryptocurrencies. However, the report stated that funds will automatically be converted to Dirhams by local companies.
This decision was prompted mainly by recent actions taken by the city authorities to create a digital asset regulatory framework.
“Crypto was a relatively new term that was used by well-informed investors. Today, cryptocurrency is mainstream and transforming the traditional financial system. Citizens, a company that disrupts the education sector, reimagines every aspect of the learning experience.” Dr. Adil Alzarooni, the founder of Citizens School, said the same.
He said that digital asset payments would help young people to develop the country’s digital economy.
Dubai welcomes Crypto Exchanges
CryptoPotato also reported on several pro-crypto actions taken by Dubai authorities recently. Binance, the world’s leading digital asset exchange, was awarded the license by Dubai.
Reports surfaced shortly after claiming that FTX, another popular cryptocurrency exchange, wants to establish a regional headquarters in Dubai. As more trading venues tried to replicate this trend, the trend intensified over the next few weeks.
Bybit and CryptoCom were the most recent to announce such intentions.
A company statement states that Bybit received approval in principle to operate a full range of virtual assets businesses in Dubai.
CryptoCom on the other hand promised to begin recruiting in the next months in order to establish a “significant presence in UAE”.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.