Dubai’s Department of Finance has partnered with Crypto.com to enable residents to pay government service fees using cryptocurrencies.
This collaboration was formalized through a memorandum of understanding signed by government officials and the president of Crypto.com UAE, Mohammed Al Hakim, during the Dubai FinTech Summit.
In a press release, government officials stated that the partnership supports the “Dubai Cashless Strategy,” aimed at establishing Dubai as a leading digital city. The strategy targets 90% cashless transactions across both public and private sectors by 2026.
Once technical preparations are complete, individuals and business customers of government entities will be able to pay service fees using digital wallets on Crypto.com.
“The platform will securely convert these payments into Emirati dirhams and transfer them to Dubai Finance accounts, ensuring a streamlined, secure, and innovative payment framework,” Dubai Finance added.
Mohammed Al Hakim of Crypto.com described the initiative as a “truly global first programme.” However, the announcement did not specify which digital currencies would be accepted by the Department of Finance or which government fees would fall under the agreement.
Both Crypto.com and Dubai Finance have yet to respond to CNBC’s request for comment.
Crypto.com first received a license in 2023 to offer regulated virtual asset services in Dubai.
Last month, the company announced that Dubai’s virtual asset regulatory body had issued a limited license to offer derivatives.
Dubai has been focusing on the crypto industry for years as part of its ambition to establish itself as a global tech hub.
