UAE’s largest fuel and convenience retailer, ADNOC, will begin accepting crypto as payment in 980 stations. The firm will accept AE Coin stablecoin as payment across its retail network in the United Arab Emirates, Kingdom of Saudi Arabia, and Egypt. The AE Coin is the UAE’s first central bank-licensed cryptocurrency, backed by AED (United Arab Emirates Dirham). The move aligns with the UAE’s goals of becoming a global cryptocurrency hub.
UAE Going All In On Crypto?
The UAE is one of the friendliest nations regarding the crypto industry. The nation has made substantial inroads in cryptocurrency adoption. Dubai’s Virtual Assets Regulatory Authority (VARA) and Abu Dhabi’s Financial Services Regulatory Authority (FSRA) have made significant crypto-friendly regulations to support the UAE’s digital asset ambitions.
ADNOC’s latest pro-cryptocurrency move aims to further strengthen the UAE’s crypto infrastructure. According to Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, “This partnership marks a historic moment for the UAE’s financial and retail sectors. By enabling virtual asset payments across the ADNOC Distribution network, we are bringing the future of digital transactions to millions of consumers.”
Khayata further added, “This is a real-world example of how secure, regulated blockchain technology can simplify payments, enhance customer convenience, and accelerate the UAE’s digital transformation journey.”
The UAE’s zero gains tax on crypto investments has also aided in the country’s popularity among investors. According to the Henley Crypto Adoption Index, the UAE is among the top 5 crypto-friendly nations.
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Moreover, the UAE has some of the highest cryptocurrency adoption rates in the world. Many anticipate the UAE’s pro-cryptocurrency developments to continue over the coming years. Real-world utility in the crypto space is also growing. Sectors like real estate and logistics are moving further into the blockchain space.