Day To Day starts accepting cryptocurrency payments

Day To Day, the largest discount hypermarket chain in the United Arab Emirates, has started accepting payments in cryptocurrencies. It is noted that the new payment method will be available in both branches and online shop daytoday.ae.

Most cryptocurrencies will be accepted for payment. It will be possible to pay with a smartphone and POS terminals installed in the shops. Payment will be instant and there will be no need to wait for payment confirmation. Currently, it is possible to pay with digital currencies at Day To Day hypermarkets in Dubai, Sharjah and Ajman.

Earlier, the UAE tightened controls on cryptocurrency real estate transactions. All real estate agents, brokers and law firms operating in the UAE will now file reports with the Financial Intelligence Agency on transactions made using virtual assets and digital currencies.

The UAE authorities are thus tightening controls on cryptocurrency transactions as part of their efforts to combat terrorist financing and money laundering. Transactions exceeding AED 55,000 (US$ 15,000) will have to be reported, even if the property was partially paid for with virtual assets.

The reporting mechanism requires brokers and law firms to obtain and register documents identifying the parties to the transaction. The rules apply to both individuals and legal entities. The authorities have already held orientation seminars with real estate agents.

Earlier, RAKBank, one of the leading financial institutions in the UAE, entered into a partnership agreement with Kraken Exchange that will allow its customers to trade cryptocurrencies and digital assets using local bank accounts and Emirati dirhams.

Customers of the bank in the UAE will be able to fund their cryptocurrency accounts using financial transfers from other Emirati banks. Kraken has become the first international crypto-exchange to be licensed by the Abu Dhabi Global Market Free Zone (ADGM).

Currently, UAE residents who trade virtual assets must pay for their transactions through banks or foreign correspondents based outside the country, which implies longer transaction times and higher exchange costs.

Cooperation with the crypto-exchange will allow RAKBank’s customers to fund their accounts faster, with all transactions being within the UAE jurisdiction and executed through banking channels regulated by the UAE Central Bank.

Источник: Khaleej Times

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