In the wave of cryptocurrency adoption worldwide, more Dubai-based businesses have started accepting cryptocurrency as payment for services rendered. For example, a law firm in Dubai has announced that its clients can now pay with crypto.
Ashish Mehta and Associates, Solicitors and Legal Consultants, have made huge steps toward joining the digital asset craze by letting clients trade cryptocurrency for firm legal services starting this month.
As a test of the digital currency world, the firm has stated that it will begin to accept digital coins. The company will take Bitcoin, Ethereum, and Tether USD as payment because these coins are more well-known and offer some stability.
The First Dubai-based Cryptocurrency Law Firm
The founder and manager of the legal firm, Ashish Mehta spoke about the role of the government with cryptocurrency, ” But I’d like to point out that the regulatory and compliance framework created by the governments of Dubai and the United Arab Emirates (UAE) has made it much easier for our company to accept payments in cryptocurrencies.”
Ashish stated that since the government is providing a regulatory framework for cryptocurrency in the country, it makes it easier for leading businesses to start embracing cryptocurrency as a valid exchange for goods and services. The firm has also boasted of being the first law firm in Dubai that is kickstarting the use of cryptocurrency as a means of payment for clients.
According to the report from Chainalysis, the Middle East has one of the fastest-growing cryptocurrency markets globally, which accounts for about 7% of the global cryptocurrency trading volumes.
The law firm has teamed up with a digital cryptocurrency exchange platform that will help turn payments made in cryptocurrency directly into Dirhams (AED) currency.
When speaking about the difficulty of reporting the annual tax returns with the introduction of crypto profits and expenses, the founder stated that although it might be a bit unclear now with the setup of the regulatory body on cryptocurrency in the country, it will soon be easy to understand how to go about it.
The law firm is not the only organisation embracing the evolving financial industry. Citizens School is also opening its arms wide to receive cryptocurrency as legal payment for tuition. The school is set to open by September of this year. In addition to traditional payment methods, the school accepts both Bitcoin and Ethereum as ways to pay for things.