KIKLABB – the Dubai Government-owned licensing solutions – now accepts cryptocurrencies as a payment option for trade licenses and visa fees, making it even more accessible for entrepreneurs around the world to set up and scale up in the United Arab Emirates.
Thanks to new partnerships with key tech companies from blockchain to venture capital business, KIKLABB has now provides a solution to an industry with exponential grown.KIKLABB customers can now pay for services using the cryptocurrencies including Bitcoin, Ethereum and Tether (USDt). The move means that KIKLABB is also the first to debut a truly virtual end-to-end business setup experience – customers can register as well as pay for Dubai trade licenses remotely and with a virtual currency, using just their smartphone.
Commenting on the announcement, Tasawar Ulhaq, the CEO of KIKLABB, said: “We’ve seen growing interest in cryptocurrency with several customers in the blockchain and fintech sectors part of the KIKLABB community, so it really was just a matter of time before we recognised Bitcoin, Ethereum and Tether. Cryptocurrencies are the payment method of the future. KIKLABB has partnered with some of industry leaders to enable this solution”
“We’re the first government owned licensing entity in the UAE to accept cryptocurrency payments, and certainly not the last. With the technology rapidly gaining traction across the Middle East, I’m eager to see how it changes the way we do business in the near future,” he continued.
KIKLABB is collaborating with international partners for payment processing of cryptocurrency transactions, guaranteeing all regulations are adhered to as a government-owned entity.
The rise of cryptocurrencies has led to growing interest in blockchain technology – essentially an open digital ledger of transactions for virtual currencies. According to research firm MarketsandMarkets, the global blockchain market size is estimated to rise from US$3 billion in 2020 to US$39.7 billion by 2025. The United Arab Emirates is already a leader in the adoption of blockchain with a national strategy in place and the aim to conduct 50 per cent of government transactions using blockchain by 2021. In addition, the Dubai Future Foundation estimates that the UAE could save over US$3 billion simply by implementing advanced blockchain technologies.
“We’re in talks with high-profile players in the cryptocurrency sector who are exploring entry into Dubai. In addition, we have a robust community of local and international companies associated with smart contracts, blockchain and private equity working alongside start-ups in the fields of education, healthcare, and food technology. KIKLABB is a hive mind of technological creativity,” added Ulhaq. “With a community centred around a tech-focused ecosystem, we plan to form the first ever ‘Blockchain LABB’ and our vision is to not just follow future digital currency trends, but also set them.”
Owned by the Ports, Customs and Free Zone Corporation (PCFC), a Government of Dubai entity, KIKLABB has helped numerous companies set up for success. With zero hidden costs and an open, collaborative environment, the many benefits of joining KIKLABB include a Dubai stamp and a physical address at the iconic Queen Elizabeth 2 in Mina Rashid, one of the largest ports in the Middle East. All corporates and entrepreneurs that sign up with KIKLABB are provided with Dubai residency visas, so they can feel at home in the heart of the region’s business hub.
