Dubai’s finance department signs MOU with Crypto.com to enable crypto payments for government services
Quick Take
- Dubai’s DOF has partnered with Crypto.com to allow cryptocurrency payments for government services as part of its cashless strategy.
- Crypto payments will be converted to Emirati dirhams, aiming to boost Dubai’s fintech economy by $2.1 billion annually.
The Department of Finance of Dubai city has signed a Memorandum of Understanding (MOU) with Crypto.com to introduce cryptocurrency as a payment method for government services. Signed during the Dubai FinTech Summit, the MOU supports the United Arab Emirates' cashless roadmap, which aims to shift 90% of public and private financial transactions to cashless methods by 2026.
Under the agreement, Crypto.com will facilitate cryptocurrency payments through its digital wallets, converting the funds into Emirati dirhams and transferring the money to DOF accounts, according to a May 12 press statement. The announcement didn't specify what cryptocurrencies would be supported.
Mohammed Al Hakim, President of Crypto.com UAE, said the MOU marked a significant step toward bridging digital finance and government operations through a “truly global first programme.” Furthermore, officials anticipate the move will solidify Dubai’s “position among the world’s leading digital cities” and contribute an estimated AED 8 billion ($2.1 billion) annually to the local economy.
Partnership with Dubai’s DOF could expand Crypto.com’s Emirati presence. In April, the crypto exchange obtained a limited license from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer derivatives trading in the UAE. The firm was previously approved to offer digital asset services in November 2023.
Other crypto platforms, such as Binance and OKX, also received regulatory nods from VARA as Dubai worked to establish itself as a global digital asset hotspot.
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