A Dubai-based law business, Ashish Mehta & Associates, Solicitors and Legal Consultants, has revealed plans to accept cryptocurrency payments.
Clients of the law company will be able to pay for services in digital currencies such as Tether (USDT), Bitcoin (BTC), and Ether (ETH) thanks to this connection (ETH).
Ashish Mehta, the founder and Managing Partner of Ashish Mehta & Associates, explained why the firm made this forward-thinking decision:
"The world is moving towards digital solutions to keep up with the advanced developments. But I would like to highlight that the regulatory and compliance framework devised by the government of Dubai and the United Arab Emirates (UAE) has greatly encouraged our firm to accept payments in cryptocurrencies."
He went on to say that the government's regulatory framework has pushed other major local businesses to embrace cryptocurrency. Mehta, on the other hand, did not reveal their identities.
Ashish Mehta & Associates partnered with a digital currency company that handles cryptocurrency payments and converts them to dirhams automatically (AED).
Mehta further stated that he has always supported and believed in the Dubai government's agenda, which recently saw the formation of the Virtual Asset Regulatory Authority (VARA). Furthermore, the government has established crypto centers.
As crypto payments become more common in Dubai, Citizens School, a new educational institution, has announced plans to add a digital asset payment option.
The institution will accept BTC and ETH when it opens in September. Citizens School hopes to provide students with various payment choices through these plans.
The Middle East maintains its position as a crypto powerhouse
This development comes as the Middle East accelerates its use of cryptocurrency. The region is one of the fastest-growing cryptocurrency markets, according to Chainalysis. The Middle East currently accounts for around 7% of worldwide crypto trading volumes.