A Dubai based law firm has revealed that they now accept payments in the form of cryptocurrency from its clients. Ashish Mehta and Associates, Solicitors and Legal Consultants, have initiated taking nascent steps in the digital asset universe from this month onwards.
Law firms’ clients will now be able to pay in the form of digital tokens. The law firm will begin accepting cryptocurrencies, including Bitcoin, Tether USD and Ethereum.
The firm’s founder and managing partner, Ashish Mehta, stated, “The world is moving towards digital solutions to keep up with the advanced developments. But I’d like to stress that the regulatory and compliance framework developed by the government of Dubai and the United Arab Emirates (UAE) has strongly encouraged our firm to accept payments in the form of cryptocurrencies.”
As per Chainalysis, the Middle East is one of the fastest developing cryptocurrency markets globally, making up a 7% of global trading volumes. Payments through cryptocurrencies will be accepted through a tie-up with a digital currency platform that processes cryptocurrency payments and converts in automatically to Dirhams (AED).
While reporting cryptocurrency expenses and profits on the yearly tax returns may seem a little cryptic now, Mehta describes regulatory clarity will soon be disclosed, making it convenient for people to comprehend.
Availing the new payment method is a soon to establish Dubai school, which has become the first to accept digital payment for tuition fee payments in the Middle East.
Citizens school, which is all set to open its doors in the month of September this year, has revealed that it will accept cryptocurrency as a mode of payment. The school will accept payments in the form of two major cryptocurrencies, Ethereum (ETH) and Bitcoin (BTC), which strive to provide parents with flexible payment options other than the traditional forms of payment.