RAK Properties allows property purchases with cryptocurrencies in the UAE
- RAK Properties accepts Bitcoin, Ethereum, and USDT for properties
- Hubpay processes transactions with VARA regulatory compliance
- UAE real estate sector expands options with cryptocurrencies
RAK Properties, a publicly traded real estate developer in the United Arab Emirates, announced Partnership with fintech Hubpay to accept cryptocurrency payments for real estate purchases. The initiative allows international customers to use Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and other digital assets, which are immediately converted into UAE dirhams and settled directly into the company's accounts.
Transactions will be processed by Hubpay and its partners, licensed by the Virtual Assets Regulatory Authority (VARA), ensuring regulatory compliance and security for high-value transactions. “This partnership enables a leading real estate developer like RAK Properties to reach a new class of global buyers,” said Kevin Kilty, CEO of Hubpay. “Our regulated solution ensures that high-value transactions are conducted securely and compliantly, providing peace of mind to international customers.”
The company is primarily targeting foreign investors interested in the Mina Al Arab community, supporting Ras Al Khaimah's "Vision 2030" strategic plan to attract global capital. More than 800 units are expected to be delivered by the end of the year, with the new payment system expected to expand its reach to digital buyers.
Rahul Jogani, CFO of RAK Properties, reinforced that integrating with cryptocurrencies is a strategic step.
“By enabling the use of digital assets, we are engaging a new ecosystem of investment-savvy, digital-first clients, while reinforcing RAK Properties’ position as a trusted, forward-thinking developer.”
The move reflects the growing adoption of cryptocurrencies in the UAE real estate market. Since 2022, companies like DAMAC Properties have been accepting payments in BTC and ETH for property purchases in Dubai.
In addition to the UAE, countries such as Portugal, Türkiye, and El Salvador have also legalized the use of cryptocurrencies in real estate transactions, consolidating the asset as an alternative payment method in large sectors. The 2025 report from Astons points out that these jurisdictions are among the most favorable for investors looking to diversify their assets into real estate paid for with crypto.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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