The United Arab Emirates has taken a favorable stance toward cryptocurrency. To commemorate National Day, its postal operator is now issuing NFTs.
The postal operator of the United Arab Emirates is issuing nonfungible token (NFT) stamps to commemorate the federation’s 50th National Day, demonstrating that digital collectibles are gaining mainstream appeal globally.
Emirates Post Group, or EPG for short, announced this week that it has become the Middle East and North Africa’s first postal organization to issue digital-collectible stamps. The new stamps, which will be released on December 2, are blockchain-based digital twins that will be sold as digital collectibles linked to their physical counterparts.
There will be four stamps issued, each with a unique design based on a national theme. After scanning a QR code printed on the card, buyers will be able to see the digital design linked to the physical stamp they purchase. Users must scan a QR code hidden behind the card to activate the digital collectible on the blockchain.
According to EPG CEO Abdulla Mohammed Alashram, embracing NFTs aligns with the company’s vision of becoming more digitally oriented. Following the COVI-19 pandemic, EPG is “investigating how the implementation of blockchain technology can streamline and enhance our operations, as well as introduce other competitive advantages.”
When asked if the NFT stamps are a one-time experiment with blockchain or part of a larger strategy to embrace the new technology, Alashram stated that EPG intends to launch more digital stamps in the future:
“Adopting the most recent advancements in digital technology in our operations also addresses the technology-savvy generation that prefers digitally accessible services. We are also working to launch more NFT stamps as part of our efforts to bridge the gap between traditional postage stamps and the digital world.”
The UAE has taken a forward-thinking approach to blockchain technology and digital assets, with local regulators pushing a slew of crypto-friendly regulations. Local authorities established a new regulatory framework in September that supports cryptocurrency trading and related activities in Dubai’s economic free zone, potentially paving the way for wider adoption and innovation in the emirate.
The Dubai Financial Services Authority, also known as the DFSA, clarified regulations regarding so-called investment tokens in late October. The framework’s goal is to provide legal certainty to both investors and market participants.