BitOasis, a cryptocurrency exchange based in the United Arab Emirates, and Mastercard (MA.N) announced on Tuesday that they had signed an agreement to launch cryptocurrency-linked payment cards.
Customers in the Middle East and North Africa will be able to use the cards to make in-store and online purchases, thereby adding consumer protection—such as provisions for dispute resolution and refunds that are currently unavailable when paying with a digital asset.
According to the statement, “Currently, cryptocurrency payments and cash-outs are considered cumbersome, with the overwhelming majority of merchants not accepting such payments directly.”
According to a report published earlier this month by blockchain researcher Chainalysis, the amount of cryptocurrency received in the Middle East and North Africa increased by 48% in the first half of 2022.
As economic competition in the Gulf region heats up, particularly with Saudi Arabia, the UAE has been working on virtual asset regulations to attract new types of business.
Dubai, one of the United Arab Emirates’ seven emirates and the region’s business hub, passed the UAE’s first virtual asset law and set up VARA as the sector’s regulator.
BitOasis began operations in Dubai in 2015. The company announced in June that it had laid off nine employees due to the severe downturn and market volatility in the cryptocurrency industry.
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