Dubai based law firm, Ashish Mehta & Associates, announces plans to accept crypto payments. Ashish Mehta from the firm said that UAE’s regulatory and compliance framework encouraged them to start accepting crypto payments. The clients of the firm will be able to pay with BTC, ETH, and USDT after the integration of the crypto payments are complete.
Ashish Mehta & Associates will accept crypto payments
The founder of the firm Ashish Mehta explained why they are enabling crypto payments for clients. He said that the world is moving towards digital solutions to keep up with new developments. And most importantly the current regulatory framework of the United Arab Emirates has encouraged them to adopt the payment system. It is important to note that all crypto payments accepted by them would be converted to fiat (AED) with the help of their partner.
Dubai already plans to become a leader in the crypto industry, and it shows when the firms there are adopting crypto. Ashish Mehta also said that even the local companies are embracing crypto. Recently, Yalla!Market, a grocery delivery app in UAE, started accepting crypto payments.
Dubai’s future is bright in the crypto industry
In terms of adoption, the city is already miles ahead of most other nations. The regulatory framework there is already very supportive, and with time, it will evolve and become more detailed. Companies will find it easier to follow the new laws with a standard framework.
A while back, Dubai also allowed Binance to operate in the city without any trouble. The exchange has received official licenses and can offer new products and services to the customers there. Binance’s regional head of MENA, Richard Teng, said that Dubai recognizes cryptocurrency as distinct from securities and is taking an intriguing and novel approach to it. They intend to introduce a new framework that will place cryptocurrency as part of the value chain while controlling risk and fostering innovation.
This attitude toward cryptocurrency, as well as the support that Binance is receiving, distinguishes Dubai from most other countries.
What are your thoughts as Dubai based law firm announces plans to accept crypto payments? And do you think it shows how fast UAE is becoming a crypto-forward nation? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
