Virtuzone announced on Monday that it has become the first company in the United Arab Emirates (UAE) to accept cryptocurrency payments for business setups through Binance Pay.
Virtuzone is a Dubai-based company that helps businesses to establish their operations in the UAE. The company said it enabled such development through a partnership with the Binance cryptocurrency exchange.
Established in 2009, Virtuzone’s mission is to remove the complexities of company setup in the UAE so that entrepreneurs and corporate clients can focus 100% on running their businesses.
In other words, Virtuzone is a company formation specialist that offers a one-stop-shop solution for entrepreneurs who want to start a business in the United Arab Emirates and for international firms looking to establish their presence in the nation.
With the crypto adoption, Virtuzone wants to assist in reducing barriers to entrepreneurship and business establishments by enabling crypto payments for company setups. The firm also plans to create more opportunities for global businesses to tap into the nation’s thriving startup community.
Through such a strategic partnership, Virtuzone also intends to advance the use of cryptocurrencies and blockchain technologies in the UAE, while playing a key role in the Web 3.0 movement in the country.
Neil Petch, Chairman and Co-founder of Virtuzone, talked about the development: “The partnership we have forged with Binance reflects our commitment to continue our pursuit of innovative solutions that will positively impact the UAE startup community, whilst expanding the future possibilities and opportunities for Virtuzone and its clients. Collaborating with a renowned Web 3.0 technology leader like Binance puts us at the forefront of digital transformation and the Fourth Industrial Revolution across the UAE and the region.”
With this development, Virtuzone has joined the likes of JA Resorts and Hotels and Majid Al Futtaim as innovative firms in the UAE to have integrated Binance Pay into their systems.
Dubai Wants to Become A Global Hub for Tech and Innovation
The launch of the crypto payment services by Virtuzone comes as the UAE is working to become a global entrepreneurship centre.
Announced its intentions in February this year, the nation aims to be home to 20 unicorns, or start-ups valued at more than $1 billion, by 2031 as it seeks to attract and expand small and medium enterprises.
The Entrepreneurial Nation initiative aims to provide support through a series of public-private partnerships that help entrepreneurs set up in the UAE, expand their businesses, tap into online sales, and export their products.
The UAE is also positioning itself to be a global crypto hub, with other global exchange firms like Binance, Crypto.com, FTX, Bybit, among others setting up operations in Dubai.
The country sees cryptocurrency as a stepping stone toward a global tech hub.
The UAE has been harbouring and encouraging an environment for the growth of its crypto industry with Dubai’s development of the Virtual Assets Law and the establishment of the Dubai Virtual Assets Regulatory Authority (VARA).
While the crypto sector was majorly unregulated a few years ago, recent legislative measures have shown the UAE government’s commitment to reducing the potential financial crime risk in the nascent industry.
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