Key Takeaways:
- Dubai Finance signed an MoU with Crypto.com to allow crypto payments for government services.
- The partnership aligns with the Dubai Cashless Strategy, targeting 90% cashless transactions by 2026.
- Payments made through Crypto.com wallets will be converted into Emirati dirhams for settlement.
- The move reinforces Dubai’s ambitions to become a leading global hub for digital finance.
Dubai’s Department of Finance (DOF) signed a Memorandum of Understanding (MoU) with cryptocurrency platform Crypto.com on Monday, paving the way for the use of digital currencies in settling government service fees.
The agreement, sealed during the Dubai FinTech Summit on May 12 at the Dubai International Financial Centre, is part of the emirate’s push towards a cashless, digitally integrated economy.
Dubai Cashless Strategy Gets Crypto Backing
According to the announcement, the partnership aligns with the Dubai Cashless Strategy, which aims to enable secure and inclusive financial transactions via digital currencies.
Once fully implemented, residents and businesses will be able to use stable cryptocurrencies through Crypto.com wallets to pay for public services. Payments will be automatically converted to Emirati dirhams and settled in DOF accounts.
Dubai’s Leadership Commits to Digital Transformation
The MoU was signed in the presence of high-ranking officials who conveyed their strategic vision for Dubai’s digital future and the role of emerging financial technologies in accelerating that shift.
“Dubai continues to advance through coordinated efforts across government entities and key sectors,” said His Excellency Abdulla Mohammed Al Basti, Secretary General of the Executive Council of Dubai. “As a global leader in digital transformation, the emirate is further strengthening its position by deploying the latest secure financial technology solutions that support its cashless strategy.”
“We remain committed to collaborating with our partners across government entities and leading financial service providers to advance the digital payment ecosystem and develop innovative solutions that support the rapidly evolving digital economy.” His Excellency Abdulrahman Saleh Al Saleh, Director General of DOF, added.
Mohammed Al Hakim, President of Crypto.com UAE, described the initiative as “significant progress for the adoption of digital finance,” noting its alignment with the D33 agenda and Dubai’s aim to lead in “sustainable economic diversification.” Echoing this, Eric Anziani, President and COO of Crypto.com, praised the government of Dubai as “a true global visionary” and emphasised the deal as the “first comprehensive and holistic Government-wide implementation of payment digitisation.”
Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, stated that the move aims for more than 90% of all transactions in Dubai to be cashless by 2026 “This milestone will significantly accelerate the advancement of the Dubai Cashless Strategy,” she said.
Dubai’s Latest Moves Toward a Digital Economy
This move aligns with the broader shift toward digital finance across the UAE.
Earlier this month, Emirates Petroleum Company (Emarat) partnered with Crypto.com to roll out crypto payments at ten fuel stations in Dubai. Additionally, under this collaboration and as part of the Project Landmark initiative, Emarat renamed the “Al Ameen station” on Al Wasl Road as the “Crypto.com Emarat Service Station.”
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