Ashish Mehta & Associates, Solicitors and Legal Consultants, a Dubai-based law firm, has announced plans to start accepting crypto for payments. Through this integration, the law firm’s clients will be able to pay for services in digital currencies, including Tether (USDT), Bitcoin (BTC), and Ether (ETH).
Explaining why the law firm decided to take this forward-looking move, Ashish Mehta, the founder and Managing Partner of Ashish Mehta & Associates, said,
The world is moving towards digital solutions to keep up with the advanced developments. But I would like to highlight that the regulatory and compliance framework devised by the government of Dubai and the United Arab Emirates (UAE) has greatly encouraged our firm to accept payments in cryptocurrencies.
He added that the government providing a regulatory framework has also encouraged other leading local companies to embrace crypto. However, Mehta did not provide their names.
Ashish Mehta & Associates teamed up with a digital currency platform, which processes crypto payments and automatically converts them into dirhams (AED).
Mehta further noted that he has always believed in and followed the vision of the Dubai government, which recently saw it form the Virtual Asset Regulatory Authority (VARA). Additionally, the government has also created crypto centers.
With this in mind, Mehta said:
So, obviously this is just the tip of the iceberg. As time goes by, all these regulations will be clear they will evolve and then there would be a standard regulatory framework, with more details… that I am sure would follow. It will be easier for everybody to follow those rules when the details are announced.
Citizens school to accept crypto
As crypto payments continue becoming widespread in Dubai, an upcoming educational institution, Citizens school, also announced plans to integrate a digital asset payment option. The school opens in September and will accept BTC and ETH. Through these plans, Citizens school seeks to offer students flexible payment options.
Dr. Adil Alzarooni, the school’s founder, commented,
A while ago, cryptocurrency was only a floating term among well-versed investors. However, today cryptocurrency is becoming much more mainstream reshaping the traditional financial system.
He added that Citizens school aims to disrupt the education sector by redesigning every element of the learning experience, including how parents pay tuition fees. By introducing a new payment method, Alzarooni believes Citizens will bolster the role young generations play in helping UAE achieve a digital economy.
The Middle East continues positioning itself as a crypto hub
This news comes as the Middle East continues embracing crypto at an accelerated pace. According to Chainalysis, the region is one of the fastest-growing cryptocurrency markets. Currently, the Middle East accounts for roughly 7% of global crypto trading volumes.
With the Middle East warming up to crypto, exchanges have been flocking the region, with Binance getting approval to operate in Dubai, Abu Dhabi, and Bahrain. FTX also got VARA’s go-ahead to launch operations in Dubai.