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Dubai based law firm, school aims to accept crypto payment

According to Ashish Mehta of Ashish Mehta & Associates, his law practice was urged to accept crypto payments by Dubai and the UAE's regulatory and compliance framework.

A Dubai-based law firm, Ashish Mehta & Associates, Solicitors and Legal Consultants, has revealed plans to begin taking crypto payment. Now, clients of the legal firm will be able to pay for services in digital currencies such as Tether (USDT), Bitcoin (BTC), and Ether (ETH). Ashish Mehta emphasised that the government’s regulatory framework has pushed other major local businesses to embrace cryptocurrency. 

Ashish Mehta, the founder and managing partner of Ashish Mehta & Associates, explained why the business made this forward-thinking decision:

“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 United Arab Emirates (UAE) has greatly encouraged our firm to accept payments in cryptocurrencies.”

Ashish Mehta & Associates partnered with a digital currency company that handles crypto payments and converts them to dirhams (AED) immediately. 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 centres.

In light of this, Mehta stated:

“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.”

Dubai School accepts crypto payments

As crypto payments become more common in Dubai, Citizens School, a new educational institution, has revealed plans to add a digital asset payment option. The institution will take BTC and ETH when it starts in September. Citizens School hopes to provide students with various payment choices through these programmes.

Dr. Adil Alzarooni, the school’s founder, remarked:

“A while ago, cryptocurrency was only a floating term among well-versed investors. However, today cryptocurrency is becoming much more mainstream, reshaping the traditional financial system.”

Citizens School, he noted, seeks to disrupt the education industry by reimagining every aspect of the learning process, including how parents pay tuition fees. Alzarooni thinks that citizens will strengthen the role of younger generations in helping the UAE establish a digital economy by introducing a new payment mechanism.

The Middle East continues to embrace crypto at a rapid pace. According to Chainalysis, the area is one of the fastest-growing cryptocurrency marketplaces. The Middle East currently accounts for around 7% of worldwide crypto trading volumes.

FTX also received approval from VARA to begin operations in Dubai. Binance has received clearance to operate in Abu Dhabi, Dubai, and Bahrain, indicating that the Middle East is embracing crypto. 

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Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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