Following a recent surge in the number of digital asset companies based in the city, Dubai is looking for new ways to increase crypto acceptance. A school in Dubai named ‘Citizens School’ has become the first of its kind in the Middle East to accept cryptocurrency as a form of payment for tuition fees.
Dubai School Accepts Payment in Crypto
According to a recent report, parents in Dubai may soon be able to pay for their children’s schooling with cryptocurrency in a new school. As a result of this decision, it will be the first such entity to receive payments in digital asset form.
The Citizens School is scheduled to launch in September and will accept the two most influential cryptocurrencies by market capitalization – bitcoin (BTC) and ether (ETH). However, according to the report, the money will be instantly converted into Dirhams by a local company.
The decision was largely motivated by the city’s recent efforts to construct a legislative framework for digital assets and to transform Dubai into a cryptocurrency hub.
“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. Similarly, Citizens is disrupting the education sector by re-imagining every element of the learning experience.” – commented the Founder of Citizens School, Dr. Adil Alzarooni.
He noted that the incorporation of digital asset payments would bolster youthful generations’ contributions to the country’s digital economy development.
Dubai Welcomes Crypto Exchanges crypto.com and Bybit
Cryptocurrency law and regulations in Dubai have caught the attention of a growing number of investors. Bybit, a cryptocurrency exchange, stated Monday that it is relocating its headquarters from Singapore to Dubai, the same day Crypto.com announced the establishment of a regional hub office in Dubai. The announcements come on the heels of Dubai enacting new legislation to establish the emirate as a global hub for crypto assets and associated industries such as the metaverse.
Bybit announced in a statement that it had got preliminary approval to conduct a “full spectrum” of virtual asset businesses in Dubai. As early as April, the company’s new headquarters is scheduled to be operational.
“Bybit looks forward to contributing to the virtual assets innovations of the emirate’s vibrant economy and having our global headquarters in Dubai,” said Ben Zhou, co-founder, and CEO of Bybit. “This in-principle approval is an extraordinary opportunity for Bybit to support the United Arab Emirates and the wider region’s ambition to become a global virtual assets technology hub.”
Crypto.com, on the other hand, stated that it hopes to have a “significant presence” in Dubai soon. Founded in Hong Kong before moving its headquarters to Singapore, the company said it plans to hire a large number of new employees in the coming months.
UAE aims to become a global crypto powerhouse with the new regulation enacted. It has already attracted the likes of Binance, the world’s largest cryptocurrency exchange, which received a license in mid-March to operate its regional operations out of Dubai. Additionally, the European affiliate of crypto trading platform FTX has announced the establishment of a regional office in the city.
Source: https://crypto.news/dubai-school-enables-payment-of-tuition-fees-in-bitcoin-and-ethereum/