The Dubai Land Department has signed a memorandum of cooperation with Singapore-based Crypto.com to develop an investment framework for digital real estate transactions, enabling investors to purchase and sell property with blockchain currencies.
The collaboration reflects the goals of the Dubai Real Estate Strategy 2033, which has an AED1 trillion ($272b) real estate transaction target. The digital environment will allow for investor verification, custody settlement and real estate tokenisation.
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“The initiative seeks to enhance market liquidity and align with modern trends in smart investment. The partnership also 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 and advanced framework,” the media office outlined.
The collaboration will develop tools to support digital real estate transactions through the use of blockchain technologies. It will also explore the possibility of using digital currencies for property transactions.
In May, Dubai’s government announced its plans to allow for government salaries to be paid with digital currencies. It is part of the city’s embrace of crypto, as it seeks to regulate the sector and achieve a 90% rate of cashless transactions by 2026.
These initiatives are part of the Dubai Cashless Strategy, an initiative being undertaken by Digital Dubai to digitalise the city. Its three pillars are digital governance, financial technology and digital innovation and society.
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By GlobalDataAccording to Eric Trump, executive vice president of the Trump organisation, the $1b Trump International Hotel and Tower in Dubai will accept crypto investments once completed.
The Dubai Land Department will explore solutions developed by Crypto.com in areas including real estate tokenisation and the trading of digital assets, according to their media office.
