Dubai-based Al Jalila Foundation, a member of the Mohammed Bin Rashid Al Maktoum Global Initiative, accepts donations in Crypto.
It is the first non-governmental organization to accept Crypto donations in the UAE. The new payment solution will likely give other NGOs in the country the confidence to commence accepting digital assets.
At a global level, Save the Children is one of the leading charity organizations that accept Crypto donations. The foundation recently partnered with the Cardano Foundation for support.
The acceptance will enable the healthcare charity to expand its charity receipts by allowing donors to make contributions in digital assets.
Adoption of Cryptos in the UAE Is Sky-High
Chainanalysis data shows that there is $25 billion worth of Crypto transactions annually in the UAE, accounting for 7% of the global annual trading volume. Moreover, a YouGov study found that 15% of UAE residents either paid using Cryptos, bought, or hodled Crypto in any given year.
For this reason, leading Crypto exchange platforms such as Kraken, Bybit, and Crypto.com are set to commence operations in the oil-rich market. Binance, on the other hand, has established its headquarters in Dubai after getting the green light from the Financial Services and Regulatory Authority (FSRA).
There is a large Crypto community in the UAE, and companies must expand their payment options to accommodate the community. In addition to Al Jalila, YallaMarket, a grocery delivery website, accepts crypto payments. Damac, a Dubai-based real estate firm, is also accepting BTC and ETH for real estate sales, and businesses accepting Crypto are growing meteorically.
The Gap Between Digital and Fiat Cash is Getting Narrower
According to Abdulkareem Sultan Al Olama, the Al Jalila CEO, the gap between fiat money and crypto is getting narrower by the day; The integration of Cryptos in the formal economy and financial system is gathering momentum. The decision to accept Crypto donations will accelerate the pace of Crypto integration into the mainstream financial system as a trusted means of payment.
One of the key benefits that the foundation is set to derive is that it will be able to receive donations seamlessly from a domestic and global philanthropic community.
The UAE Environment Is Conducive for Cryptos
The acceptance of Crypto payments by the foundation affirms that a Crypto friendly environment promotes Crypto adoption. The Abu Dhabi Global Market, which is the UAE’s financial hub, creates a conducive environment for Crypto. The financial regulator is currently formulating a framework for regulating Decentralized Finance (DeFi), where stakeholders are invited to contribute to the policy formulation process.
Dubai and the other UAE emirates are the premier investment destination. Other jurisdictions are likely to adopt similar Crypto friendly policies to attract foreign direct investments for profit-driven ventures and donations for non-governmental entities.