Dubai Partners With Crypto.com for Government Crypto Payments, Targets 90% Cashless Transactions and AED8 Billion Boost by 2026

Dubai's Department of Finance has signed a Memorandum of Understanding with Crypto.com to enable the payment of government service fees using cryptocurrencies. The agreement was formalized during the Dubai FinTech Summit at the Dubai International Financial Centre and aligns with the emirate's 'Dubai Cashless Strategy' and D33 agenda.

Once technical arrangements are finalized, individuals and business customers of government entities will be able to pay for government services through digital wallets on Crypto.com. The platform, which holds a license from the Dubai Virtual Assets Regulatory Authority (VARA), will convert cryptocurrency payments into Emirati dirhams before transferring them to Dubai Finance accounts.

The initiative, supported by officials including Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, and Mohammed Al Hakim, President of Crypto.com UAE, aims to help Dubai achieve its goal of conducting more than 90% of all public and private sector transactions through cashless methods by 2026. The Dubai Cashless Strategy is expected to add at least AED8 billion annually to the economy. Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, also emphasized the regulatory framework supporting the project.

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