Damac is also on the bandwagon!
Dubai is quickly appearing as the crypto hub of the world and thanks to its crypto-friendly policies!
On Wednesday, April 27, Dubai’s largest real estate developer Damac Properties, said that it would start accepting crypto payments in Bitcoin (BTC) and Ethereum (ETH) against property sales.
The real estate giant Damac said that introducing property sales will revolutionize the real estate market in Dubai. Besides, cryptocurrencies also bring comfort and optionality to property developers worldwide.
Speaking to Khaleej Times, Ali Sajwani, general manager of operations at Damac, said:
This move towards customers holding cryptocurrency is one of our initiatives to accelerate the new economy for newer generations and for the future of our industry. Global businesses like ours must stay at the top of evolution. Offering yet another transactional mode is exciting, and we are glad to recognize the value this technology brings to our customers.”
As said, Dubai is becoming the most-preferred destination for crypto innovation. The reason is quite simple only due to its crypto-friendly laws and taxation. As a result, companies across sectors have been open to accepting crypto payments. Dubai’s delivery startup YallaMarket also added that they would start accepting crypto payments.
Why are Giants Like Damac Interested in Crypto Payments?
The gap between the crypto and the real estate markets has been bridging faster than expected!
Previously, many people had to first convert their crypto into USD for buying houses. However, the scenario has likely changed.
New companies and startups in the market will enable real estate buyers to get a mortgage with their crypto. Thus, users can now directly keep their digital assets as collateral and avoid any capital gains tax during the conversion process.