After the Citizens School, a law firm in Dubai announced that clients would be able to pay for its legal services with digital currencies like Bitcoin, Ethereum, and Tether USD.
First Law Firm To Accept Crypto
Ashish Mehta & Associates, Solicitors and Legal Consultants became the first law firm in the UAE to start accepting payments in digital currencies. Clients will be able to make payments in BTC, ETH, and TUSD. According to the firm’s founder and managing partner, Ashish Mehta, the decision was greatly informed and encouraged by the regulatory and compliance framework devised by the Dubai and UAE governments.
“If the government is providing regulatory framework infrastructure, it would be a good start to jump on to the bandwagon and be the first law firm in Dubai to accept payments in crypto. Larger local companies without naming are doing this as well. When certain commercial enterprises with external shareholders are also holding or receiving payments in crypto, so in a similar way, we are all sailing in the same boat.”
Further Clarification In The Works
Under the initiative, the crypto payments are received via a digital currency platform that processes them and automatically converts them to Dirhams (AED). Mehta has also expressed his faith in the vision of the Dubai government, citing the recently established virtual assets regulatory authority as an indicator of better things to come for the industry in the UAE. Even the mild uncertainty around reporting crypto profits and expenses on annual tax returns has not deterred Mehta. He believes that the government will soon provide the necessary format for these requirements.
Dubai Businesses Welcome Crypto
Mehta’s optimistic viewpoint on crypto adoption across the country is shared by many businesses and individuals in UAE. Multiple organizations like a school, F&B outlets, and real estate developers have already enabled crypto payments.
For instance, the Dubai-based Citizens School, which is all set to open its gates from September 2022, has announced that it will be accepting tuition fee payments in Bitcoin and Ether, in addition to traditional fiat currencies. Dubai residents can also visit the Doge Burger restaurant and pay for a meal using a plethora of cryptocurrencies like Dogecoin, Bitcoin, Ethereum, BNB, CRO, XRP, USDT, and SHIB.
Another noteworthy example is that of Dubai’s well-known property developer, Damac Properties, which has also announced that it will be accepting BTC and ETH payments for property sales. The Damac Group is also investing in establishing a strong presence in the metaverse by sponsoring a project to build digital cities.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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