Gulf Craft is now accepting regulated crypto payment solutions for yacht and leisure craft purchases, service and refit works.
The company is working with Bahrain licensed fintech provider ARP Pay, to convert stablecoins such as USDT and USDC into AED or USD currency.
Gulf Craft Group Becomes First MENA Shipyard To Accept crypto payment
From UAE Judiciary bodies, to airlines, taxi service providers, gas stations and in the near future real estate investment, UAE governmental entities and businesses are adopting crypto payments.
This why it is not surprising to see Gulf Craft, a leading global builder of luxury yachts and leisure boats as well as superyacht shipyard announce that it too will be accepting crypto payments in UAE and Bahrain.
As per the press release, Gulf Craft is now accepting regulated crypto payment solutions for yacht and leisure craft purchases, service and refit works.
The company is working with Bahrain licensed fintech provider ARP Pay, to convert stablecoins such as USDT and USDC into AED or USD currency.
Mohamed Hussein Alshaali, Chairman of Gulf Craft noted that by integrating ARP Pay, the company is not only meeting client preferences but is also strengthening the UAE reputation for manufacturing and financial innovation.
He stated, “The UAE was built on maritime trade and early adoption of new ideas. Embracing regulated digital payments is a natural next step.”
A recent pilot allowed a part of a yacht purchase price to be settled in cryptocurrency, cutting transaction costs and improving client satisfaction among international buyers.
Erwin Bamps, Group CEO of Gulf Crypto noted that crypto payment options keep the ahead of the curve and allows them to tap into a growing segment of crypto holders who prefer paying with digital assets.
He explained, “Whether a client is taking delivery of a Majesty or Nomad yacht or purchasing any boat or power catamaran across our Oryx or SilverCAT ranges, they can now transact through a channel that is fast, transparent and fully compliant.”
UAE Judicial Department recently accepting crypto for payments
Continuing on the momentum of adopting stablecoins and crypto as a payment method in the UAE, the Abu Dhabi Judicial Department (ADJD) partnered as well with Al Maryah Bank (MBANK) to introduce the use of digital currency for the payment of judicial and legal service fees.
ADJD would be the first governmental entity in the Middle East to accept an AED stablecoin, AE Coin, for payment for court related transactions. AE Coin was the first AED stablecoin to be licensed in the UAE.
Already, Dubai Department of Finance (DOF) , the governmental entity responsible for budget and its execution signed an MOU (Memorandum of Understanding) with UAE regulated Crypto.com to allow crypto payments for governmental fees.
