According to latest reports, a Dubai-based law firm and a school are going to start accepting cryptocurrency payments.
Clients of Ashish Mehta & Associates, Solicitors and Legal Consultants will be able to pay in digital tokens starting this month. Tether USD, Bitcoin, and Ethereum will be the first cryptocurrencies accepted by the firm.
Crypto payments will be accepted through a partnership with a digital currency company that processes crypto payments and converts them to Dirhams immediately.
Ashish Mehta, founder and managing partner of the firm stated, “I thought 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.”
Disclosing cryptocurrency revenues and expenses on annual tax returns may appear a little obscure at the moment, but Mehta claims that legislative clarification will be disclosed soon, easier to comprehend.
He noted “Sooner than later regulations in the UAE will provide us or will require us to report these in a certain format. We will obviously have to comply with the guidelines accordingly.”
Meanwhile, Citizens School becomes the first school in the Middle-East to accept cryptocurrency as a mode of payment, and the school is set to open in September 2022.
The school will take payments in Bitcoin and Ethereum in addition to traditional modes of payment, to provide parents with more flexible payment alternatives.
Dr Adil Alzarooni, founder of Citizens School, noted “By introducing this new payment facility, we look forward to enhancing the role of young generations in achieving the UAE’s digital economy. As more people embrace the era of digitalization, today’s children will become the entrepreneurs and investors of tomorrow.”
Companies who are embracing crypto payment options highlight that UAE’s crypto-friendly laws are driving them to comply with Dubai’s goal to become the dream destination. Just a few days back, the Emirates Airline announced to accept bitcoin as a payments service. The airline is also going to add NFT collectibles on its webpage.