The main international airlines Emirates signed a memorandum of understanding (MOU) with Crypto.com to integrate Crypto.com Pay in the airline’s payment infrastructure, with the expected implementation next year.
The place of the signature ceremony in the presence of its highness Sheikh Ahmed Bin Bin Saeed al Maktoum, president and executive director of Emirates Airline & Group, the airline announced Wednesday.
The MOU was signed by Adnan Kazim, vice president and commercial director of Emirates, and Mohammed al Hakim, president of the operations of the EAU of Crypto.com.
“This strategic movement is in line with Dubai’s vision of being at the forefront of financial innovation and, at the same time, providing our clients for greater flexibility and choice in how they make transactions with emiralates,” Kazim said.
Beyond the integration of payments, the two companies will collaborate in promotional campaigns to raise awareness and promote the adoption of users once the service is launched.
Related: The Dubai regulator clarifies the real -world asset tokenization rules
Dubai Eyes Leadership in Crypto
Integration occurs in the midst of the impulse of Dubai to lead in cryptography, since the city seeks to establish itself as a primary center for blockchain and digital asset projects.
Backed by regulatory clarity and a pro-innovation environment, several industries in the Emirate, from real estate to telecommunications, have already opened their doors to cryptocurrency payments.
Earlier this year, Tether associated with Reelly Tech, based in the EAU, to expand the use of its USDT stablecoin (USDT) in real estate transactions. The agreement allows buyers to use USDT to buy properties through 30,000 Reelly Tech agents worldwide.
Last month, the Dubai Financial Services Authority (DFSA), the Financial Regulator by the International Financial Center of Dubai (DIFC), approved Rlusd Stablecoin de Ripple. DIFC companies can now use the RLUSD Stablecoin for several virtual asset services.
The Free Zone of the Dubai Multi Commodities Center has attracted some 600 cryptographic companies, with more companies that go to the International Financial Center of Dubai and a central district as the country is positioned as a leader in digital finances.
Related: Dubai Taper Crypto.com to enable cryptographic payments for government services
Dubai sees the real estate boom
The Dubai real estate market reached new maximums in May, with 66.8 billion DIRHAMS (about $ 18.2 billion) in 18,700 transactions, a 44% increase in the value year after year. The increase occurred in the midst of an accelerated push in real estate.
Only in May, the government and industry actors launched multiple initiatives, including a RWA agreement of $ 3 billion that involved Multibank Group, Gigante Giant MAG and a Blockchain Mavryk infrastructure provider.
On May 19, the Virtual Assets Regulatory Authority, Dubai crypto regulator, updated its guidelines to include provisions for the token of the real world asset (RWA). Attorney Irina Heaver told Cointelegraph that these rules give emitters and exchanges a clear path to launch and trade tokenized real estate assets.
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