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Donors can now give cryptocurrency to Dubai-based charities and foundations, after authorities gave the green light.
The Dubai Department of Islamic Affairs and Charitable Activities has begun offering a service to receive donations through cryptocurrencies and virtual assets.
Authorities said the launch is part of the department’s wider policy for regulating fundraising activities related to virtual assets.
‘The launch of the service to receive donations through virtual assets reflects our commitment to developing the charitable work ecosystem in Dubai and providing innovative solutions that enhance donors’ ease of access to approved charitable channels,’ Mohammed Musbeh Dahi, executive director of the Charitable Activities Sector, told Gulf News.
‘At the department, we are keen to ensure the highest levels of governance and transparency through clear policies and precise regulatory procedures that protect donors and support the sustainability of humanitarian work,’ he added.
The Gulf state has openly said it wants to position itself as a global hub for business and philanthropy by the time of its centenary year in 2071.
Last year, the UAE backed a $500 million maternal health fund alongside the Gates Foundation.
UAE rulers also met African philanthropy leaders in December, in what was described as a sign of ‘exceptional momentum in UAE–Africa relations’.
Shafi Musaddique is the news editor at Alliance magazine.