Dubai: school fees in Bitcoin and other crypto
Bitcoin and Ethereum in Dubai: a new school will accept crypto payments for its tuition fees. In this way, the mass adoption of cryptocurrencies is also progressing in education. The news was also reported on Bitcoin Archive‘s official Twitter profile, which reads:
JUST IN: Students can now pay tuition with #Bitcoin and crypto at the Canadian University of Dubai! 🙌
— Bitcoin Archive (@BTC_Archive) February 9, 2023
Summary
- Dubai increasingly keen on crypto: Bitcoin payments at schools
- Dubai and the regulatory framework for crypto: not only Bitcoin
- Dubai’s new guidelines for virtual asset service providers
Dubai increasingly keen on crypto: Bitcoin payments at schools
After becoming home to multiple digital asset companies in recent months, Dubai wants to improve cryptocurrency adoption through other tactics. This time, a local school has reportedly said it wants to start accepting digital asset payments for things like tuition fees.
The Citizens School in Dubai, a wealthy city in the United Arab Emirates, said families will be able to pay tuition in Bitcoin (BTC) and Ether (ETH). The two cryptocurrencies will be accepted as forms of payment, and will be automatically converted into the local currency (AED).
Citizens School, which will open next September precisely in downtown Dubai, will have the structure of an international school, and will accommodate students aged 3 to 18.
Hisham Hodroge, CEO of Citizens School, said in this regard:
“Introducing the ability to pay tuition using cryptocurrencies goes beyond simply offering an alternative payment method. It is rather a way to boost interest in blockchain technology. Citizens School intends to leverage this technology in many of its administrative and academic operations in the future.”
As such, Bitcoin and Ethereum in Dubai will not be mere forms of payment. Instead, the UAE city seems to be focusing heavily on the adoption of blockchain technology and its organic integration.
Indeed, lately we have seen the creation of very crypto-friendly regulations throughout the Emirates.
The exchanges Binance and FTX, for example, have recently received licenses to begin their operations in this state.
Dubai and the regulatory framework for crypto: not only Bitcoin
The decision of crypto payments in the school was driven primarily by recent actions taken by the city’s authorities to establish a regulatory framework for digital assets and turn Dubai into a cryptocurrency hub.
Adil Alzarooni, Founder of Citizens School, commented on the matter:
“A while back, cryptocurrency was just a floating term among savvy investors. However, today cryptocurrency is becoming much more mainstream, reshaping the traditional financial system. Similarly, Citizens is disrupting the education sector by reinventing every element of the learning experience.”
In addition, Alzarooni noted that the addition of digital asset payments should strengthen the role of the younger generation in developing the country’s digital economy.
As anticipated, there are also other pro-crypto actions taken recently by Dubai authorities.
For example, the two most recent companies to outline such intentions in Dubai are Bybit and Crypto.com. Specifically, Bybit has received approval in principle to conduct a full range of virtual asset businesses in Dubai.
Crypto.com, on the other hand, has promised to start recruiting heavily in the coming months to establish a “significant presence” in the UAE.
Dubai’s new guidelines for virtual asset service providers
Another recent development involving Dubai concerns the new crypto guidelines for digital asset service providers. In which the Virtual Assets Regulatory Authority‘s new set of regulations sets out requirements for crypto companies that cover everything from issuing and exchange services to advertising.
According to Irina Heaver, a cryptocurrency and blockchain lawyer based in the United Arab Emirates, VARA has issued its “Comprehensive Market Product Regulation,” which includes four mandatory regulations and activity-specific regulations that set the rules for the operation of VASPs.
The Dubai regulator also emphasized that all market participants, whether licensed by VARA or not, must comply with regulations for marketing, advertising, and promotions.
In general, regulators around the world are racing to establish oversight of cryptocurrencies after last year’s market crash led to the implosion of many of the high-profile digital asset lending and exchange platforms.
The European Union is poised to approve its own licensing regime, while the United Kingdom, South Korea and other jurisdictions are rapidly forming their own frameworks
In any case, Dubai’s new framework, which also covers advertising and promotion requirements for crypto companies, still needs final approval before it can be implemented.
