Dubai is partnering with the exchange Crypto.com to accept digital assets for government fees.
The emirate’s Department of Finance (DOF) signed the memorandum of understanding (MoU) with the crypto firm as part of its ongoing “cashless strategy.”
Dubai aims to conduct more than 90% of financial transactions across both the public and private sectors through cashless methods by next year.
When the agreement is finalized, individual and business customers of the emirate’s government entities will be able to pay service fees through Crypto.com’s digital wallets, per a new press release. Crypto.com will convert the crypto payments into Emirati dirhams and transfer them to DOF accounts.
Dubai has positioned itself as a crypto-friendly jurisdiction, with the emirate set to host Binance Blockchain Week in December.
Ahmad Ali Meftah, DOF’s executive director of the central accounts sector, says the Crypto.com partnership is part of the emirate’s efforts to evolve into a global hub for digital payments.
“We are actively developing an advanced regulatory framework that fosters innovation while ensuring the highest standards of security and efficiency in digital financial transactions. This enhances customer trust in Dubai Government services and unlocks new opportunities for economic growth. Through strategic partnerships, we remain dedicated to establishing a sustainable financial model that empowers individuals and businesses, cementing Dubai’s leadership in financial technology and keeping it at the forefront of global innovation and economic progress.”
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