Despite the ongoing fluctuations in the crypto market, the adoption of crypto assets in the UAE continues in full force. In a fresh development, one of the highest rated extravagant hotels in Dubai has opened payments in the Shiba Inu cryptocurrency. The name of this luxury hotel is W Dubai – The Palm, which is a five-star facility with a total of 347 guest rooms that are priced between $147 (roughly Rs. 12,000) - $655 (roughly Rs. 53,000).
Shiba Inu (SHIB) is a meme-coin, founded in 2020, that is currently priced at $0.0000088 (roughly Rs. 0.000711) as per the crypto price tracker by Gadgets 360.
Booking rooms for this Mariott International-owned hotel is now open via SHIB, details of which have begun to emerge on Twitter.
Dubai has been making strides in terms of establishing itself as a crypto hub.
The crypto sector in Dubai is governed by a set of legal regulatory framework. UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum signed a new law for virtual assets while also establishing an independent body to oversee the governance of the crypto space in March this year.
Back in September, the Palazzo Versace Dubai hotel began accepting cryptocurrencies such as Bitcoin, Ether, and Binance Coin for staying, dining, as well as its spa services. The Palazzo Versace Dubai has partnered with Binance to offer the guests the possibility to settle payments via cryptocurrencies.
Not just hotels, but other businesses in Dubai are also experimenting with crypto payments. Back in April, Dubai-based real estate developer Damac Properties announced that it would accept payments in the form of cryptocurrencies.
“This move towards customers holding cryptocurrency is one of our initiatives to accelerate the new economy for newer generations, and for the future of our industry,” Ali Sajwani, general manager of operations at Damac and head of the organisation's digital transformation initiatives had said in a statement at the time.
Around the same time, a local school in Dubai announced that it is considering accepting Bitcoin and Ether as payments for tuition, making it the first school in the Middle East to do so.
In December last year, the Dubai Media Office announced that the Dubai World Trade Centre (DWTC) will become a crypto zone for virtual assets - including digital assets, products, operators, and exchanges.
Relevant authorities are also working on enforcing rigorous standards for investor protection, anti-money laundering provisions, combating terror financing, ensuring compliance, and allowing cross border deal flow tracing in Dubai.
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