Dubai real estate investors may soon be able to buy and sell property using digital currencies like Bitcoin, following a new partnership between Dubai Land Department (DLD) and Crypto.com
DLD, in partnership with Crypto.com, will develop a digital investment environment for virtual real estate assets and explore blockchain technologies and digital currencies within the sector.
The agreement follows the Dubai Government’s announcement of plans to enable payment of government fees using digital currencies, representing a step forward in integrating technology with public services and reinforcing the emirate’s leadership in government innovation.
Omar Hamad BuShehab, Director General of the Dubai Land Department, and Mohamed Abdul Latif Al Hakim, the authorised signatory for Crypto.com, signed the deal in the presence of several officials and CEOs from both organisations, the Dubai Media Office said in a statement.
Dubai partners with Crypto.com to enable digital currency property transactions
The initiative aligns with the Dubai Real Estate Strategy 2033, which aims to build a smart, sustainable, and knowledge-driven real estate ecosystem.
By embracing technologies, Dubai is strengthening its attractiveness for investments and accelerating progress towards its AED1 trillion real estate transactions target for 2033.
The collaboration aims to develop mechanisms that support digital real estate transactions by leveraging blockchain technologies and virtual assets, whilst exploring the potential use of digital currencies in property transactions. The initiative seeks to enhance market liquidity and align with trends in smart investment.
The partnership aspires to build an integrated digital ecosystem that enables real estate asset trading, investor verification, and the execution of digital custody and settlement processes within a secure framework.
The collaboration aims to contribute to strengthening Dubai’s real estate market as a destination for digital real estate investment, through the development of investment tools that meet the aspirations of international investors and keep pace with the evolving real estate landscape in the emirate.
The partnership reflects the Department’s commitment to aligning with the leadership’s vision to make Dubai the best city in the world to live, work, and invest in.
It supports the objectives of the Dubai Economic Agenda D33, which focuses on providing an investment environment that strengthens Dubai’s economy through approaches that drive sustainable growth.
Virtual real estate assets and tokenisation framework
Under the collaboration, Dubai Land Department will explore the potential use of platforms and technological solutions proposed by Crypto.com in areas such as real estate tokenisation and the trading of digital assets.
The Department will provide the administrative and logistical support to facilitate the implementation of joint projects and evaluate proposals based on its regulatory frameworks.
DLD is committed to ensuring the availability of all legal and legislative requirements to guarantee compliance with Dubai’s regulations.
Crypto.com will propose technological solutions to facilitate the use of digital currencies in the real estate sector, provide technical support and advisory services, and deliver analytical tools and reports that support informed decision-making for digital projects.
Upon agreement to proceed with any proposed projects, the company will supply all required technical and legal documentation and obtain the necessary approvals from relevant authorities in alignment with the applicable regulations in the emirate.
The signing of the memorandum marks a milestone in the Dubai Land Department’s efforts to foster innovation in the real estate sector and create an integrated environment that supports the development of a digital marketplace, opening new investment horizons and reinforcing Dubai’s position at the forefront of cities adopting digital real estate solutions.
