UAE’s RAK Properties to accept Bitcoin, other cryptos for real estate deals
The United Arab Emirates has become a hot spot for the crypto industry as clear regulatory frameworks and no tax on crypto profits has driven interest in digital assets.
RAK Properties, one of the largest publicly traded real estate company in the Ras Al Khaimah emirate of the United Arab Emirates (UAE), will start accepting cryptocurrency for international property transactions.
According to a Monday announcement, RAK Properties will begin accepting payments in Bitcoin (BTC), Ether (ETH) and Tether’s USDt (USDT), among others. The move underscores the growing adoption of digital assets in the UAE, a sector projected to become one of the country’s largest in the coming years.
Crypto transactions will be handled by Hubpay, a global payments platform based in the region. Hubpay will convert digital assets into the UAE’s local fiat currency before depositing them into RAK’s accounts.
