RAK Properties, a publicly listed real estate developer in Ras Al Khaimah, United Arab Emirates, has announced it will now accept cryptocurrency payments for international property purchases. The company will specifically accept Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), among other digital assets, as part of a new payment option aimed at attracting global investors.
The crypto payments will be processed through a partnership with UAE-based fintech firm Hubpay, which is licensed and regulated by the Abu Dhabi Global Market (ADGM) and Dubai's Virtual Asset Regulatory Authority (VARA). Hubpay will convert all cryptocurrency payments into UAE dirhams (AED) before depositing them into RAK Properties' accounts, ensuring the developer does not directly handle or store digital assets. This arrangement maintains compliance with financial regulations while providing a secure and seamless transaction process.
Kevin Kilty, CEO of Hubpay, stated: "This partnership is about enabling a leading real estate developer to attract a new class of global buyers. Our regulated solution ensures the process is secure, compliant, and seamless for global clients." Rahul Jogani, Chief Financial Officer at RAK Properties, added: "By enabling and supporting the use of digital assets, we are engaging with a new ecosystem of digitally and investment savvy customers."
The move aligns with the UAE's broader crypto adoption trends and Vision 2030 goals to diversify the economy. According to Chainalysis data, crypto transactions in the UAE grew across all size categories, with small retail transactions surging over 75% year-over-year as of mid-2024. Chase Ergen, a board member at DeFi Technologies, forecasted that crypto could become the UAE's second-largest sector within five years.
RAK Properties, which has a market capitalization of 4.7 billion dirhams ($1.3 billion), is celebrating its 20th anniversary in 2025 and expanding with 12 new developments. Its flagship Mina beachfront project, featuring 800+ waterfront units scheduled for delivery before the end of 2025, is expected to particularly benefit from the new crypto payment option by attracting international investors.