Gulf Craft, a leading global builder of luxury yachts, leisure boats, and superyachts, has announced that it will accept crypto payments in the UAE and Bahrain. According to its statement, the UAE firm is now accepting regulated crypto payment solutions for yacht and leisure craft purchases, services, and refit works.
The company has also entered into a partnership with a licensed fintech firm, ARP Pay, to convert stablecoins like USDT and USDC into AED or USD. Mohamed Hussein Alshaali, Chairman of Gulf Craft, mentioned that by integrating ARP Pay, the company is not only meeting client preferences but is also strengthening the UAE’s reputation for manufacturing and financial innovation. “The UAE was built on maritime trade and the early adoption of new ideas. Embracing regulated digital payments is a natural next step,” he said.
UAE firm enables crypto payment option for yacht purchases
The company carried out a recent pilot where it allowed a yacht purchase to be settled in cryptocurrency, cutting transaction costs and improving client satisfaction among its international buyers. Erwin Bamps, Group CEO of Gulf Crypto, noted that crypto payment options keep the company ahead of the curve and allow them to tap into a growing segment of crypto holders who prefer paying with digital assets.
“Whether a client is taking delivery of a Majesty or Nomad yacht or purchasing any boat or power catamaran across our Oryx or SilverCAT ranges, they can now transact through a channel that is fast, transparent, and fully compliant,” he said.
In the momentum of adopting stablecoins and crypto as a payment method in the UAE, the Abu Dhabi Judicial Department (ADJD) partnered with Al Maryah Bank (MBANK) to introduce the use of digital currency for the payment of judicial and legal service fees. ADJD would be the first governmental entity in the Middle East to accept an AED stablecoin, AE Coin, for payment for court-related transactions.
AE Coin was the first AED stablecoin to be licensed in the UAE. Already, Dubai Department of Finance (DOF), the governmental entity responsible for budget and its execution, signed an MOU (Memorandum of Understanding) with UAE-regulated Crypto.com to allow crypto payments for governmental fees.
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