Dubai’s SFM Corporate Services Accepts Crypto Payments

Dubai-based SFM corporate services, which has helped investors and entrepreneurs incorporate businesses in nearly 25 countries, has seen a 10% increase in business since it started accepting cryptocurrency as payment for business formation services, Gulf Business reported Thursday (Sept. 2).

SFM will accept bitcoin, Ethereum, Bitcoin Cash and Litecoin as payment methods, according to the report.

“Today, cryptocurrency is capturing a bigger share of the trading market, allowing traders and investors to increase their capital and generate more revenue,” said SFM CEO Reza Afshar, per the report. “A sizable share of our clients are traders and investors who prefer using the same cryptocurrency to purchase our services, eliminating the hassle of currency exchange and lengthy international bank transfers.”

In other news, aesthetic and medical services provider Skin111 Clinic announced a strategic collaboration with Idoneus, a blockchain-based luxury treatment company that will allow customers to pay for customized medical and well-being treatments in IDON tokens, Gulf Business reported separately.

While the business community is becoming increasingly accepting, countries around the world are split on whether to accept cryptocurrencies as payment.

Cuba will allow digital currency to be used for payments after it explores a framework for regulations and licensing. The Central Bank of Cuba will work on establishing cryptocurrency-related rules and regulations.

Read more: Cuba Officially Endorses Crypto for Payments

The central bank can grant the use of digital currency “for reasons of socio-economic interest” providing that the transactions are overseen by the state, which noted that all illegal activity would be prohibited.

El Salvador and other countries have endorsed bitcoin and classified it as legal currency. India and China are among those that have been more measured — or sometimes hostile — when it comes to virtual currencies.

Governor of the South African Reserve Bank (SARB) Lesetja Kganyago recently said cryptocurrencies are not currencies because they are not a generally accepted medium of exchange.

Read also: ‘Crypto Is Not Currency’, says South Africa’s Central Bank Governor