RAK Properties, one of Ras Al Khaimah’s top real estate developers, has teamed up with UAE fintech firm Hubpay to enable property purchases using digital assets.
Key Takeaways:
RAK Properties will now accept crypto payments for real estate through a partnership with fintech firm Hubpay. The move targets younger, digital-first investors and supports Ras Al Khaimah’s Vision 2030 strategy. All crypto transactions will be fully regulated, converted into dirhams, and settled directly into RAK Properties’ accounts.The new partnership allows international buyers to pay for properties with cryptocurrencies such as Bitcoin, Ethereum, and Tether, according to a report by local news outlet Gulf Business.
The crypto payments would be instantly converted into dirhams through Hubpay’s platform and settled directly into RAK Properties’ accounts.
RAK Properties Targets Global, Crypto-Savvy Buyers in Real Estate Push
The move comes as part of a wider strategy to position Ras Al Khaimah as a global real estate destination. It also reflects RAK Properties’ push to attract younger, digitally native investors.
Hubpay, regulated by Abu Dhabi Global Market (ADGM), facilitates compliant transactions by handling the crypto side through its Virtual Assets Regulatory Authority (VARA)-licensed partners.
According to RAK Properties CFO Rahul Jogani, the initiative underscores the developer’s commitment to innovation and marks a new chapter in its 20-year journey.
“By enabling the use of digital assets, we are engaging a new ecosystem of investment-savvy, digital-first clients,” he said, adding that the firm is focused on expanding accessibility to global buyers.
The agreement aligns with Ras Al Khaimah’s Vision 2030, which outlines plans for economic diversification, infrastructure growth, and greater foreign investment.
Accepting crypto payments for real estate is a bold step in that direction, opening the door for affluent digital asset holders to participate in the emirate’s evolving property market.
Hubpay CEO Kevin Kilty described the partnership as a “turning point” for crypto integration in the region’s real estate sector.
He emphasized that transactions will maintain high levels of regulatory oversight and security.
The timing coincides with the ongoing expansion of Mina Al Arab, a key waterfront development in Ras Al Khaimah.
More than 800 units are set for delivery by year’s end, and the addition of crypto payment options is expected to broaden its global investor base.
UAE Continues to Attract Crypto Firms
The move comes as the UAE continues to position itself as a regional hub for blockchain innovation and crypto finance, with regulatory clarity attracting major global players.
As reported, a state-backed investment firm in Abu Dhabi is set to make a $2 billion investment into crypto exchange Binance using USD1, a stablecoin developed by World Liberty Financial — a crypto venture closely tied to the Trump family.
Experts claim the UAE is poised to become a key destination for crypto and stablecoin ventures seeking refuge from the European Union’s (EU) newly implemented Markets in Crypto-Assets (MiCA) regulation.
The regulatory framework, which took full effect on December 30, is creating significant challenges for crypto firms within the 27-member bloc, prompting many to consider relocating, according to industry experts.
Among its stringent requirements, small stablecoin issuers must hold 30% of their reserves in low-risk EU-based commercial banks, while major players like Tether face a mandate to maintain 60% or more in similar institutions.
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