It has been reported that the supported crypto payment options are Bitcoin (BTC), Ether (ETH), and Tether (USDT).
Tasawar Ulhaq, the CEO of said that the decision was in line with the growing appeal of crypto payments in the fintech arena.
“It really was just a matter of time before we recognized Bitcoin, Ethereum, and Tether. Cryptocurrencies are the payment method of the future.”
However, adopting cryptocurrency payment options is part of Kiklabb’s plan of expanding its virtual and online business setup. Back in 2020, amid the coronavirus pandemic, the licensing firm began offering remote registration for customers.
Crypto adoption is thriving in the UAE! State-owned Kiklabb just announced that it will accept cryptocurrency payments. What will the crypto landscape look like in this Middle Eastern crypto hub? https://t.co/bDWMuB11Pn (Reporting via @OsatoNomayo) — Cointelegraph (@Cointelegraph) February 17, 2021
The report said that the company was also one of the earliest beneficiaries of the resumption of diplomatic relations between the United Arab Emirates and Israel, with the firm signing a collaborative agreement with the NY Koen Group.
According to Ulhaq, while Kiklabb is the first government entity in the UAE to accept crypto payments, other outfits will soon follow suit. He also said that crypto and blockchain technology is seeing significant adoption not just in the UAE but across the Middle East.
Thus, crypto and blockchain adoption in the UAE has seen another milestone, as the state-owned licensing outfit Kiklabb now accepts crypto payments for its services.