Ras Al Khaimah’s leading property developer in the UAE, RAK Properties, has signed a landmark deal with fintech firm Hubpay to accept cryptocurrency payments for its properties.
Following a newly announced partnership with UAE-based Hubpay, the company will now allow property purchases to be completed using cryptocurrencies.
The list of accepted tokens includes Bitcoin, Ethereum, and Tether. Transactions will be converted in real time to UAE dirhams via Hubpay’s licensed platform. This ensures that all funds are deposited straight into RAK Properties’ accounts, avoiding any risk from crypto market fluctuations.
Innovation Meets Real Estate Tradition
For RAK Properties, the decision is more than just a payment upgrade. It is part of a broader initiative to modernize Ras Al Khaimah’s property sector and make it appealing to younger, tech-savvy investors worldwide.
RAK Properties is embracing innovation by allowing clients to use digital assets for transactions, according to Rahul Jogani, the company’s Chief Financial Officer. He noted that this move opens doors to a new group of investors who prioritize digital-first solutions.
The company also plans to expand access to its real estate offerings, targeting buyers from various regions, including those with significant holdings in digital currencies.
This initiative also supports Ras Al Khaimah’s Vision 2030, which focuses on economic growth, diversification, and attracting more foreign investment. By accepting cryptocurrency payments, RAK Properties is contributing to these goals and expanding its project reach to international buyers.
Hubpay Brings Regulatory Strength
Hubpay, the fintech partner in this deal, is regulated by Abu Dhabi Global Market (ADGM). It works with partners licensed by the Virtual Assets Regulatory Authority (VARA) to ensure compliance at every step.
Kevin Kilty, CEO of Hubpay, described the deal as a major milestone for the regional real estate market. He underscored that the platform would integrate operational efficiency with regulatory oversight, guaranteeing both speed and security in transactions.
Crypto Payments Debut Amid Project Expansion
The timing of this announcement is significant. RAK Properties is currently expanding Mina Al Arab, its flagship waterfront development. The company aims to deliver more than 800 housing units by the end of this year.
By adding cryptocurrency payment options, the company aims to broaden the project’s global appeal, particularly among international buyers seeking alternative payment methods.
UAE’s Growing Role in Digital Finance
The UAE is emerging as one of the world’s most attractive hubs for blockchain and digital assets, thanks to clear regulations and a business-friendly environment that are drawing global players. Its rise comes as other regions, particularly Europe, move in the opposite direction.
Europe’s Markets in Crypto-Assets (MiCA) framework imposes strict requirements on stablecoin issuers. Smaller firms must hold 30% of their reserve assets in low-risk EU banks, whereas major players such as Tether must maintain at least 60%.
While intended to safeguard the financial system, many in the industry see these rules as overly restrictive. This prompted some companies to seek out more accommodating jurisdictions, placing the UAE firmly in the spotlight.
In May, a state-backed UAE investment firm announced a $2 billion investment in Binance, the world’s largest crypto exchange. According to reports, the deal used the USD1 stablecoin connected to World Liberty Financial.
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