KIKLABB, the Dubai-licensing entity, now accepts cryptocurrencies

KIKLABB, accepts cryptocurrencies

February 17, 2021

Reading Time: 2 minutes

Kiklabb disclosed that it had started accepting payment in cryptocurrencies for its services earlier this week. Kiklabb is an entity owned by the Dubai Government organization called Ports, Customs, and Free Zone Corporation.

Kiklabb’s services mainly involve providing licensing solutions to firms and entrepreneurs contemplating on starting a business in Dubai. It takes advantage of its being government-owned and managed status to ease the procedure.

Kiklabb owns one of the largest ports in the area, the esteemed Queen Elizabeth 2, located in Mina Rashid. This is amongst other physical working spaces under the company.

BTC, ETH, and USDt in the list

As per the revelation’s offering, Kiklabb listed Bitcoin, Ether, and USDt in its accepted cryptos. These payments will be made for the processing of trade licenses and visas. Up to now, clients can request and receive permits from the Dubai government using their smart gadgets and pay using other traditional means. Introducing crypto will supplement the firm’s goal of virtualizing the entire process. Clients can register online and pay using digital virtual assets.

CEO of Kiklabb, Tasawar Ulhaq, stated that the firm’s decision to accept crypto as payment could not be avoided. This is due to the ever-rising interest in digital assets. He mentioned that Kiklabb boasts a significant number of clients in the blockchain and fintech divisions.

Kiklabb to be the first government unit to accept crypto payment

Ulhaq said that the firm just became the first government-owned licensing unit in the United Arab Emirates (UAE) to accept crypto payments. With the rapid advancement and adoption of blockchain technology in the Middle East, he expressed his eagerness to witness its effect on business.

Kiklabb joins a league of other leading agencies and foundations that have unveiled their backing of the technology. Switzerland introduced tax payment for companies to use Crypto, ETH, and BTC, as an option in September 2020. Tesla, an electric car maker, recently publicized its plans to include BTC in its accepted payment options besides investing heavily in Bitcoin in the recent past.

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