Considering the recent growth in crypto adoption, who’s to say cryptocurrency payment adoption isn’t possible in Dubai if one decides to set up a crypto payment business in this fast-evolving economy? Popularly known as one of the fastest-growing economies in the world, Dubai is a fertile country for the establishment of almost any business. 

When people talk about Dubai, they have this imaginative picture of massive skyscraper buildings, expensive cars, incredible regions for tourism, and other luxurious and fanciful places you could ever think of. Without a doubt, several businesses have launched and thrived in this UAE state, and newer industries are gaining attention. 

Let's discuss how businesses can accept crypto as payment in Dubai and how Sarafex is a trusted company that accepts crypto exchange in Dubai, UAE.

Overview of Business Startups in Dubai

Dubai is a large country for everyone and almost any type of business, including cryptocurrency payment startups. Its political ambiance is particularly favorable to entrepreneurs looking to establish a start-up or business and flourish. In fact, foreigners are allowed to set up companies in Dubai, UAE with ownership rights of up to 100% for LLC and up to 100% for companies set up in free zones. Large institutions like Facebook, Google, and Accenture have official physical branches in Dubai.

Another interesting fact about setting up a business in Dubai is that there are affordable business costs. For instance, a company established within one of the free zones will enjoy the benefit of not paying corporate tax, professional tax, or even custom duties. What’s more, there are no trade barriers or foreign exchange controls and the labor costs and energy costs are quite competitive compared to those charged in foreign countries.

If the availability of human talent is your concern when planning to set up a business in Dubai, UAE, then you need not worry. Dubai has a vast amount of talented individuals who make up their workforce. Some professionals are ready to work in almost any sector, including a physical crypto payment setup base or even remote workers in Dubai. This makes it a seamless process when trying to gather a team of highly skilled and disciplined employees for your business. Unskilled labor services are also abundant including cleaners, gardeners, and several others.

Cryptocurrency as a Means of Payment

Massive adoption of cryptocurrency has started to hit the general populace worldwide and crypto is becoming increasingly discussed. According to Google Trends, the interest over time for the query “crypto” significantly increased and reached a peak in May 2021, a time when there was a surge of many new cryptocurrency projects.

While people have become accustomed to buying and selling cryptocurrencies like Bitcoin BTC, Ethereum ETH, and Litecoin LTC to mention a few, the adoption of virtual cryptocurrencies as a means of payment for goods and services has not yet been widely accepted. This can be attributed to the fact that most people have not yet fully understood crypto and also the volatile nature of cryptocurrency.

However, some large institutions across all industries, especially tech, have started to embrace crypto as a form of payment including Tesla, Visa, PayPal, Microsoft, AXA Insurance, Starbucks, and Pavilion Hotels & Resorts among others. In case you were also wondering if it’s possible to use crypto as an official currency for a country, then yes it is. El Salvador became the first country to accept Bitcoin as an official legal tender. Other countries like Paraguay and Venezuela are on the way to following in the footsteps of El Salvador.

Crypto payment adoption opens up a world of new possibilities to businesses and individuals alike. This paves a way for smaller startups to embrace BTC as a payment form, including Sarafex.

Bitcoin is built on a "blockchain" which allows users to mine a finite number and also records all transactions done on the network. There are notable benefits associated with accepting crypto as a form of payment in Dubai, UAE. Some of them include:

• Very low transaction fees are incurred with every crypto payment compared to traditional payments that have significant third-party transaction fees.
• Payments can be initiated anywhere as long as the user has an internet connection. This makes it very accessible. 
• Payment transactions are irreversible, preventing third-party involvement that can lead to amendments or chargebacks as occurs with other payment methods like PayPal.
• BTC blockchain allows for decentralization and prevents autonomy seen with fiat currencies issued by the government’s central bank.
• Payments and transactions enacted with cryptocurrencies are secured on the blockchain because each user has a private key.

Crypto Knowledge Will Boost Acceptance

Despite all of the above benefits and others that were not listed, there are still hindrances to accepting Bitcoin and other cryptocurrencies as payment methods. This is because crypto knowledge is needed to enhance massive adoption by people who have no knowledge about crypto.

Now that crypto is beginning to capture the attention of big institutions including banks, we can expect to see massive crypto payment acceptance soon in Dubai.

Sarafex Crypto Exchange in UAE

Bearing in mind the limited number of companies that embrace cryptocurrency in the UAE, Sarafex is an established company that mediates crypto payment and exchange for both individual cryptocurrency investors and companies. Sarafex operates in all emirates of the UAE including Dubai, Abu Dhabi, Sharjah, Ajman, Ras Al Khaimah, Al Ain, Fujairah, and Umm Al-Quwain.

Here's what you get when you decide to do business with Sarafex crypto exchange:

Crypto payment

Sarafex mediates crypto payments for businesses and investors that are set up in Dubai and the other UAE emirates. For instance, if you're a business or company owner and you offer goods and services, Sarafex can act as a mediator for accepting payments in the form of crypto from customers that wish to pay with Bitcoin or any other cryptocurrency.

Crypto exchange request

When you visit our homepage at Sarafex, you’ll see an ‘Exchange Price Calculator’ interface where you can select options for exchanging cryptocurrencies with United Arab Emirates Dirham (AED). Individual investors and businesses in the UAE who wish to start investing in cryptocurrencies can select the ‘Buy Crypto’ option and enter the amount of AED fiat that they wish to use to purchase any of the cryptocurrencies listed on Sarafex homepage. Then select ‘Exchange Now’ and the crypto bought will be sent to the provided crypto wallet address.

Likewise, for independent investors and businesses who already have a cryptocurrency listed on our homepage and wish to sell them in exchange for AED fiat, you can select the ‘Sell Crypto’ option and enter the amount of cryptocurrency you wish to sell. The equivalent amount’s worth in AED will then be displayed and you can select ‘Exchange Now’. We pay AED fiat via bank transfer, cheque, or cash delivery depending on your preference.

Crypto exchange requests on Sarafex can be carried out only for those cryptocurrencies listed on our website. At the moment, there are 30 cryptocurrencies listed on our website including Bitcoin BTC, Ethereum ETH, Binance BNB, Cardano ADA among others.

OTC crypto exchange

You may ask, ‘How is Sarafex carrying out the crypto exchange process?’ We are able to accept crypto payment and cryptocurrency trading with direct peer-to-peer crypto exchangers via an over-the-counter (OTC) method. With OTC, we link a local cryptocurrency exchanger with businesses that are crypto-friendly or an individual crypto investor who either wishes to buy some cryptocurrency with their AED fiat or sell their cryptocurrency and receive AED fiat.

This is a simple exchange process similar to the one listed above as it requires no hassle. Once the local exchanger and interested crypto investors are connected, they will conduct the transaction based on the agreed rate. When both parties have fully met the agreed terms of the transaction and are satisfied, then payment is made either way in both cryptocurrency and AED fiat.

Sarafex Automated Cryptocurrency Exchange

We hope to launch our automated crypto exchange in Dubai in the near future. This exchange will speed up the whole transaction or crypto payment method and eliminate any delays that may be involved without automation.

Conclusion

Have issues finding a trusted, reliable, and fast crypto payment exchange in Dubai UAE? Look no further and try Sarafex crypto exchange today. Check out our article on how to buy cryptocurrency with AED fiat in Dubai, UAE. We accept a volume almost without limits of crypto and offer a long-lasting solution to businesses and independent investors looking to embrace crypto as a form of payment.