Earlier this month, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum signed a bill for virtual assets into law.
The use of cryptocurrencies is continuously increasing. A Dubai school has said it is starting to pay tuition fees in Bitcoin and Ether. It will be the first school in the Middle East to do so. Citizens School has taken this decision after the recent implementation of the law regulating virtual assets in Dubai.
A statement issued by the school said that fees in cryptocurrencies will be accepted through a partnership with a digital currency platform that processes cryptocurrency payments. This will automatically convert payments in cryptocurrencies to Dirhams (AED). Citizens School founder Adil Alzarooni told a media organization, “Till a few years ago only investors knew about cryptocurrencies. The popularity of cryptocurrencies is now increasing and it is changing the financial system.”
He said, “With the introduction of this new mode of payment, we are trying to increase the participation of youth in the digital economy of the United Arab Emirates (UAE). With the increase in the number of people moving with the era of digitalization, children later become entrepreneurs. And become an investor.”
Earlier this month, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum signed a bill for virtual assets into law. Simultaneously, the Virtual Asset Regulatory Authority (VARA) was created to control the crypto segment. VARA also has the right to punish those who violate the new law. Apart from imposing fine on violators, it can also shut down their business. under the law, Residents of Dubai must register with VARA before engaging in crypto-related activities. Apart from this, businesses related to virtual assets such as crypto exchanges will also have to provide details to VARA. Binance, one of the major crypto exchanges, recently got a license to offer certain services in Dubai. Binance plans to do regional business from Dubai. This license is given by VARA to Binance. Earlier Binance was also licensed as a crypto asset service provider in another Gulf country, Bahrain.