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According to Ashish Mehta of Ashish Mehta & Associates, the regulatory and compliance framework of Dubai and the UAE encouraged his law firm to accept cryptocurrency payments.
The Dubai-based law firm Ashish Mehta & Associates, Solicitors and Legal Consultants, has announced plans to begin accepting cryptocurrencies as payment. Through this integration, clients of the law firm will be able to pay for services with digital currencies such as Tether (USDT), Bitcoin (BTC), and Ether (ETH).
Ashish Mehta, the founder and managing partner of Ashish Mehta & Associates, explained why the law firm decided to take this forward-looking action:
The world is moving towards digital solutions to keep up with the advanced developments. But I would like to highlight that the regulatory and compliance framework devised by the government of Dubai and the United Arab Emirates (UAE) has greatly encouraged our firm to accept payments in cryptocurrencies.
He added that the provision of a regulatory framework by the government had also encouraged other prominent local companies to adopt cryptocurrency. Mehta did not, however, provide their names.
Ashish Mehta & Associates partnered with a digital currency platform that processes crypto payments and converts them to dirhams automatically (AED).
Mehta continued by stating that he has always believed in and supported the vision of the Dubai government, which has recently established the Virtual Asset Regulatory Authority (VARA). Moreover, the government has established crypto centers
With this in mind, Mehta said:.
So, obviously this is just the tip of the iceberg. As time goes by, all these regulations will be clear they will evolve and then there would be a standard regulatory framework, with more details… that I am sure would follow. It will be easier for everybody to follow those rules when the details are announced.
Citizens school to accept crypto
As crypto payments continue to proliferate in Dubai, Citizens School, a forthcoming educational institution, has announced plans to implement a digital asset payment option. The school will accept BTC and ETH when it opens in September. Citizens School aims to provide students with flexible payment options via these plans.
Dr. Adil Alzarooni, the institution’s founder, said,
A while ago, cryptocurrency was only a floating term among well-versed investors. However, today cryptocurrency is becoming much more mainstream reshaping the traditional financial system.
He added that Citizens school intends to disrupt the education industry by redesigning every aspect of the learning experience, including how tuition fees are collected from parents. Alzarooni believes that by introducing a new payment method, Citizens will strengthen the role young generations play in helping UAE achieve a digital economy.
The Middle East maintains its position as a crypto hub.
This news comes as the Middle East continues to rapidly adopt cryptocurrencies. The region is one of the fastest-growing cryptocurrency markets, according to Chainalysis. Currently, the Middle East accounts for approximately 7% of global crypto trading volumes.
As a result, Binance has been granted permission to operate in Dubai, Abu Dhabi, and Bahrain as a result of the Middle East’s crypto-friendly climate. FTX also received approval from VARA to launch operations in Dubai.
Bottom Line :
The Dubai-based law firm Ashish Mehta & Associates, Solicitors and Legal Consultants, has announced plans to begin accepting cryptocurrencies as payment. Clients of the law firm will be able to pay for services with digital currencies such as Tether, Bitcoin and Ether. The Middle East is one of the fastest-growing cryptocurrency markets in the world, according to Chainalysis. Citizens School will accept BTC and ETH when it opens its doors in Dubai in September. The school intends to disrupt the education industry by redesigning every aspect of the learning experience.
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