Dubai Real Estate with Bitcoin | DLD & Crypto.com Deal

Another step has been taken by Dubai in the direction of a smart and digital future. This city’s real estate investors will soon be able to use cryptocurrencies like Bitcoin to transact in real estate. This change comes after the Dubai Land Department (DLD) and the Crypto.com platform signed an agreement. Numerous experts believe that this agreement marks a sea change in the future of using Bitcoin to buy real estate in Dubai and for growing creative real estate investment opportunities.

Details of the Agreement

The goal of this partnership is to develop blockchain technology for the real estate industry and to establish a digital investment environment for virtual assets. The agreement was signed by Mohammed Abdul Latif Al Hakeem, who represented Crypto.com, and Omar Hamad Bushahab, who is the Director General of DLD, according to the Dubai Media Office. The initiative shows the emirate’s dedication to being a leader in smart and innovative services and is in line with Dubai’s government program to allow the payment of government fees using cryptocurrencies.

Link to the 2033 Strategy for Dubai

This collaboration is a component of the Dubai Real Estate Strategy 2033, which aims to establish an intelligent, knowledge-based, and sustainable real estate market ecosystem. Additionally, it helps Dubai achieve its 2033 transaction target of AED 1 trillion.

Advantages for Investing

• Using digital assets to increase market liquidity
• streamlining digital custody and settlement procedures and investor identity verification
• Creating legal frameworks to guarantee transaction security and transparency
• Making it possible to trade virtual assets and tokenize properties on blockchain platforms
• Dubai’s standing as a global center for digital real estate investment is enhanced by this partnership

Crypto.com’s Function in the Project

The technology solutions for utilizing cryptocurrencies in real estate transactions are provided by Crypto.com. This comprises:

• Providing tools and trading platforms
• supplying guidance and technical assistance
• Providing expert analyses and reports for digital projects

Following approval of the plans, the business must submit all required legal and technical documentation and secure the required approvals from the appropriate Dubai authorities.

Conclusion

A significant turning point in the digitalization of Dubai’s real estate market has been reached with this agreement. By making this change, Dubai will draw in both conventional and foreign investors who are interested in digital assets. This calculated move also fits with Dubai’s D33 economic agenda, which emphasizes creating an inventive and sustainable investment climate. Dubai has once again demonstrated that it is leading the way in the adoption of future real estate technologies by global cities.

Source: https://www.arabianbusiness.com