The Dubai Land Department (DLD) has signed a memorandum of cooperation with the Singapore-based cryptocurrency platform Crypto.com for the creation of a digital investment environment for virtual real estate assets.
Under the terms of the agreement, procedures will be developed to support digital real estate transactions that allow investors to buy and sell property with digital currencies. Crypto.com will also provide the legal and technical documentation for this new digital environment while obtaining the required approvals from Dubai authorities.
The DLD stated the new partnership will support the $272 billion Dubai Real Estate Strategy 2033 and expand the emirate’s goal of becoming a global leader in blockchain development and property investment.
“The initiative seeks to enhance market liquidity and align with modern trends in smart investment,” said the DLD media office in a statement. “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.”
They can afford to loose the money.