UAE Allows Citizens to Pay Taxes with Bitcoin - The Dubai government in the United Arab Emirates (UAE) has officially permitted residents to settle taxes and service fees using Bitcoin and other crypto assets. This move further establishes Dubai as a leading crypto hub.
Even though payments are made with digital assets, the government still accepts funds in the form of dirhams or central bank-approved stablecoins. Thus, the volatility risks associated with Bitcoin and the crypto market do not directly impact the state treasury.
This initiative is a collaboration with Crypto.com after obtaining a Stored Value Facilities license from the UAE Central Bank. This license makes the platform the first fully licensed virtual asset service provider in the country, authorized to hold and transfer users' monetary value.
$BTC
Even though payments are made with digital assets, the government still accepts funds in the form of dirhams or central bank-approved stablecoins. Thus, the volatility risks associated with Bitcoin and the crypto market do not directly impact the state treasury.
This initiative is a collaboration with Crypto.com after obtaining a Stored Value Facilities license from the UAE Central Bank. This license makes the platform the first fully licensed virtual asset service provider in the country, authorized to hold and transfer users' monetary value.
$BTC