Dubai Government Collaborates with Crypto.com to Promote Cryptocurrency Payments for Public Service Fees

Dubai’s Ministry of Finance Signs MOU with Crypto.com to Promote Cryptocurrency Payments

The Dubai Ministry of Finance (DOF) has signed a memorandum of understanding with the cryptocurrency exchange Crypto.com to promote the use of cryptocurrencies for government service payments.

According to a press release issued by Crypto.com, this collaboration is part of the “Dubai Cashless Strategy,” which aims to enable the Dubai government to leverage financial technology to introduce new digital payment channels on official digital platforms. The initiative seeks to “facilitate secure, efficient, and inclusive financial transactions through cryptocurrencies, paving the way for Dubai’s transition to a fully digital and cashless society.”

Once the service is launched, individual and corporate clients of government agencies will be able to pay public service fees using cryptocurrency through Crypto.com’s digital wallet. The cryptocurrencies used for payment will be automatically converted into the United Arab Emirates Dirham (AED) and deposited into the Ministry of Finance’s account.

The press release did not specify which cryptocurrencies would be accepted, only stating that “stable cryptocurrencies” could be used for payments, potentially indicating that stablecoins will be accepted.

Amna Mohammed Lootah, the regulatory head of the Dubai Ministry of Finance’s digital payment system, stated that the signing of this agreement represents a groundbreaking initiative, saying, “We believe this milestone will significantly advance the development of Dubai’s cashless strategy.” She noted that the Dubai government aims for 90% of financial transactions in both the public and private sectors to be conducted in cashless forms by 2026.

Dubai is regarded as a crypto-friendly city; in addition to Singapore, the annual cryptocurrency event “TOKEN2049” is also being held in Dubai this year. In March, the Dubai Land Department (DLD) announced the launch of a pilot program for real estate tokenization, aiming to become the first registration authority in the Middle East to “process real estate certificates using blockchain technology.”