This business formation service provider joins a number other UAE companies that use Binance Pay to make crypto payments. Dubai-based business formation service provider Virtuzone now accepts cryptocurrency payments via Binance Pay.
“Virtuzone’s decision accept cryptocurrency payments and incorporate Binance Pay into their systems raises innovation and demonstrates how to set up businesses in the UAE,” stated Nadeem Ladki (executive director of Business Development at Binance), in a Monday press statement.
BinancePay is a contactless cryptocurrency payment system that was created by crypto exchange Binance. It supports more than 40 currencies, including bitcoin ( TCH), Ethereum ( ETH) and USD coin ( USDC). This platform allows instantaneous international money transfers as well as user-to-user transfers. Third-party transaction fees are eliminated.
Dubai has been trying to be a crypto hub since it established a Virtual Assets Regulatory Authority, (VARA), and adopted a variety of crypto-friendly laws. Dubai’s recent push to issue operating licenses for several prominent cryptocurrency exchanges may have accelerated companies’ adoption of crypto payment across the emirates.
Binance Pay has been adopted by a number of UAE-based companies, including Majid Al Futtaim and JA Resorts and Hotels. Damac is a luxury property developer.