School, law firm accept cryptos as payment
The nation and the Middle East are one of the fastest-growing crypto markets in the world
ADubai school has become the first in the Middle East to accept cryptocurrencies for tuition fee payments. Citizens School, which is set to open its doors in September 2022, announced that it will accept cryptocurrency as a mode of payment.
The institution will accept payments in Bitcoin (BTC) and Ethereum (ETH), aiming to provide parents with flexible payment options, apart from traditional forms of payments.
Dr Adil Al Zarooni, founder of Citizens School said: “A while ago, cryptocurrency was only a floating term among well-versed investors. However, 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 — be it the way our children learn, how we equip our teachers to be mentors, what our learners choose to wear, or the ways that parents can pay for tuition.
“By introducing this new payment facility, we look forward to enhancing the role of young generations in achieving the UAE’S digital economy. As more people embrace the era of digitalisation, today’s children will become the entrepreneurs and investors of tomorrow.”
Businesses moving towards cryptocurrency payment options reiterate that the Dubai Government’s adoption of its first law regulating virtual assets — ensuring a safe and advanced legal framework for investors — is pushing them to align with the UAE’S vision of becoming a global digital economy.
Hisham Hodroge, CEO of Citizens School said: “Introducing the ability to pay tuition fees through cryptocurrencies goes beyond just providing another payment option. It is aimed at creating an interest in growing trends and breakthrough technologies that will have a profound effect on the
lives of young generations. It is also a means to drive interest in the applications of blockchain — a technology that Citizens School intends to deploy, in time, across several aspects of its academic and administrative operations.”
Law firm joins digital universe
A Dubai-based law firm has become the first in the sector to accept payments in cryptocurrencies.
Ashish Mehta & Associates, Solicitors and Legal Consultants is taking nascent steps into the digital-asset universe this month and clients of the law firm will be able to pay in digital tokens.
The law firm will initially accept cryptocurrencies such as Tether USD, Bitcoin and Ethereum.
Ashish Mehta, founder and managing partner of the firm, said: “The world is moving towards digital solutions to keep up with advanced developments. But I would like to highlight that the regulatory and compliance framework devised by the Government of Dubai and the UAE has greatly encouraged our firm to accept payments in cryptocurrencies.
“I thought if the government is providing regulatory framework infrastructure, it would be a good start to jump on to the bandwagon and be the first law firm in Dubai to accept payments in crypto.
“Largerlocalcompaniesaredoing this as well. When certain commercial enterprises with external shareholders are also holding or receiving payments in crypto, we are all sailing in the same boat,” he added.
I thought if the government is providing regulatory framework infrastructure, it would be a good start to jump on to the bandwagon and be the first law firm in Dubai to accept payments in crypto
Ashish Mehta, founder and managing partner of Ashish Mehta & Associates
According to Chainalysis, the Middle East is one of the fastestgrowing cryptocurrency markets in the world, making up seven per cent of global trading volumes.
Payments using cryptocurrencies are accepted through a tie up with a digital currency platform that processes cryptocurrency payments and automatically converts them to Dirhams (AED).
He adds: “I have always believed and followed the vision of the Dubai government. The government even has a virtual assets regulatory authority. They have also established crypto centres. 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.”
While reporting cryptocurrency profits and expenses on the annual tax returns may seem a little cryptic now, Mehta says regulatory clarity will soon be revealed making it easier for people to understand it.
“Sooner than later regulations in the UAE will provide us or will require us to report these in a certain format. We will obviously have to comply with the guidelines accordingly,” he said.