The Al Jalila Foundation it has been granted approval to receive charitable donations in cryptocurrencies, making it the first healthcare charity in the UAE to accept donations in digital money, state news agency WAM reported Friday.
The Al Jalila Foundation also announced that it has partnered with a leading cryptocurrency platform.
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The move aims to expand the Foundation’s donation channels, network and capabilities in line with Dubai’s vision to be a leader in adopting advanced financial technologies and a prominent digital asset hub.
Dr Abdulkareem Sultan Al Olama, CEO of Al Jalila Foundation, said in a statement: “As a philanthropic organization we rely on charitable donations, and we are always seeking innovative ways to expand our donation channels for ease of convenience for donors from all around the world to support our programs.
“Therefore, as an emerging source of fundraising, providing the opportunity to the growing number of crypto users around the world to donate to Al Jalila Foundation to causes that interest them is a win-win for us as a foundation and the donor community.
“We are proud to be the first healthcare charity in the UAE to accept donations in cryptocurrencies bridging the gap between physical and digital currency.”
According to Chainalysis, the Middle East is one of the fastest-growing cryptocurrency markets in the world, making up seven per cent of global trading volumes. The UAE transacts approximately $25 billion worth of cryptocurrency each year and ranks third by volume in the region.
Since its inception in 2013, Al Jalila Foundation has raised millions to deliver life-transforming healthcare programmes in the areas of medical treatment, education and research.
Dubai issued the Regulation of Virtual Assets law and established the Dubai Virtual Assets Regulatory Authority in March, aiming to establish a legal framework for businesses in the virtual assets space.
Virtual assets are digital representations of value which can be traded, transferred or used as a form of payment. These include cryptocurrencies and non-fungible tokens (NFTs).
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