In a landmark move towards a digital economy, Dubai Finance (DOF) has signed a strategic Memorandum of Understanding (MoU) with Crypto.com, a globally recognised cryptocurrency exchange, to allow the use of cryptocurrencies for government service fee payments.
The agreement, signed during the Dubai FinTech Summit at the Dubai International Financial Centre, marks a significant leap in implementing the Dubai Cashless Strategy, positioning the emirate at the forefront of digital payment innovation.
Enabling secure government payments
Under the new partnership, residents and businesses will soon be able to pay for various government services using stable cryptocurrencies via Crypto.com’s platform. The service will automatically convert crypto payments into Emirati dirhams (Dhs) and securely transfer them to Dubai Finance accounts.
This initiative not only simplifies financial transactions but also accelerates Dubai’s transition towards a fully digital and cashless society.
Strategic collaboration aligned with Dubai’s vision
The MoU was signed in the presence of Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai, and Abdulrahman Saleh Al Saleh, Director-General of DOF. Formal signatories included Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, and Mohammed Al Hakim, President of Crypto.com UAE.
Al Basti emphasized the strategic importance of the initiative, stating: “Dubai continues to advance through coordinated efforts across government entities and key sectors to meet and exceed the expectations of individuals, businesses, and the wider community… I extend my sincere appreciation to the Department of Finance for enabling new global partnerships that support the objectives of the Dubai Economic Agenda D33.”
Abdulrahman Saleh Al Saleh highlighted the MoU’s alignment with Dubai’s wider vision: “We take great pride in Dubai Finance’s key role in driving the Dubai Cashless Strategy and shaping a distinctive digital financial future… We remain committed to collaborating with our partners across government entities and leading financial service providers to advance the digital payment ecosystem.”
Crypto.com, licensed by Dubai’s Virtual Assets Regulatory Authority (VARA), views the partnership as a milestone in global payment digitisation.
Eric Anziani, President and COO of Crypto.com, said: “The Government of Dubai has been a true global visionary with its plans for a cashless society… We are excited to bring our capabilities and innovative thinking to catalyse this progress.”
Regulatory framework
Ahmad Ali Meftah reiterated Dubai’s commitment to building a secure and innovative digital finance environment: “We are actively developing an advanced regulatory framework that fosters innovation while ensuring the highest standards of security and efficiency in digital financial transactions.”
Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, noted the broader implications: “The Dubai Cashless Strategy aims to strengthen the emirate’s position among the world’s leading digital cities… This agreement enables government service users to pay all government fees through digital currencies—an unprecedented step in the global financial landscape.”
Dubai’s D33 Agenda
The collaboration plays a key role in realising Dubai’s D33 Agenda, which seeks to double the city’s economic output over the next decade. According to estimates, the cashless transition could add over Dhs8 billion to the economy annually by 2026, driven by growth in the fintech sector and broader digital transformation.
As final technical preparations are completed, the rollout will begin, enabling seamless crypto payments for a wide range of government services—setting a new benchmark for smart governance and financial innovation worldwide.
tanvir@dubainewsweek.com
