The move comes as Dubai is seemingly becoming a cryptocurrency hub and shortly after it became the home of multiple digital asset companies. According to Zawya, Dubai’s Citizens School is opening in September accepting both cryptocurrencies as a payment method.
The news outlet’s report details Citizens School may be the first such entity in the Middle East to accept cryptocurrency payments. The funds it receives in crypto will, however, be immediately converted into Dirhams by a local firm.
The school’s founder, Dr. Adil Alzarooni, was quoted saying:
Today cryptocurrency is becoming much more mainstream, reshaping the traditional financial system. Similarly, Citizens is disrupting the education sector by re-imagining every element of the learning experience.
As CryptoReportage reported, earlier this month leading cryptocurrency exchange Binance was granted a license to conduct operations in Dubai following the country’s recent legislation regarding digital assets.
The company announced that it had obtained a Virtual Asset license from Dubai’s recently formed Virtual Asset Regulatory Authority (VARA), allowing the exchange to conduct some of its operations in the region.
The license comes one day after Dubai’s neighboring country Bahrain awarded Binance with a cryptoasset service provider license, the first such license to come from a Gulf Cooperation Council (GCC) country.
Other exchanges, including Bybit, Crypto.com, and FTX, have revealed plans to set up regional headquarters in Dubai as well.
Meanwhile, a cryptocurrency-based restaurant has opened in Dubai and is accepting payments in every major cryptoasset for food based on the meme-inspired cryptocurrency Dogecoin (DOGE). The restaurant is a virtual one available through delivery.