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With Bitcoin and Ethereum values under constant pressure, property buyers in Dubai are starting to use more of Stablecoins to complete their transactions. Both volatility of the main cryptocurrencies and the way Stablecoins are structured are the reasons why Stablecoins are in use in the property market. Unlike the Bitcoin and others of its like, Stablecoin prices are always linked to a fiat currency such as the dollar, exchange-traded commodities such as gold, or even a cryptocurrency.
There have been more instances of buyers cashing out their crypto-based investments into property, which in turn is increasing the number of property transactions, said Firas Al Msaddi, CEO of fam Properties.
Currently, there are more developers and landlords willing to accept payments through crypto, while the regulatory framework that will streamline such transactions are also on the way. The UAE Central Bank has issued regulations regarding ‘Stored Value Facilities’ which include crypto currencies, while the Government of Dubai recently launched the Virtual Assets Regulatory Authority (VARA) to regulate virtual assets in the emirate.
Although there has been an increase in businesses allowing payments by means of cryptocurrencies, the adopters of cryptocurrencies are relatively few given the overall size of the market.
A big reason why, is because the technology remains foreign to many, and the legal framework is still in its infancy, said Samir Kanaan, Managing Partner at Kanaan Advocates and Legal Consultants.
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