Dubai's Department of Finance (DOF) has formally partnered with Crypto.com, a prominent global cryptocurrency platform, through a newly signed Memorandum of Understanding (MoU).

 This collaboration aims to facilitate payments for government service fees using cryptocurrencies, marking a pivotal development in the UAE's digital finance landscape.

Dubai's Move Towards Cryptocurrency Payments

The MoU was signed with notable figures including Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai, and Abdulrahman Saleh Al Saleh, Director-General of DOF. The agreement was executed by Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, alongside Mohammed Al Hakim, President of Crypto.com UAE, authorized by the Dubai’s Virtual Assets Regulatory Authority (VARA).

This signing event occurred during the Dubai FinTech Summit held at the Dubai International Financial Centre, symbolising a key milestone for Dubai's evolving financial services sector.

The partnership not only supports the Dubai Cashless Strategy but also enables secure and efficient financial transactions through cryptocurrencies, signalling Dubai's ambition to evolve into a fully digital, cashless society. This initiative will introduce a new digital payment channel for various government services.

Abdulla Mohammed Al Basti expressed that the incorporation of cryptocurrency solutions into Dubai’s payment system represents a proactive strategy to meet future needs and align with global financial trends. He emphasised, "Dubai is committed to continual advancement through collaborative efforts across governmental bodies and key sectors."

He further stated, "As a frontrunner in digital transformation, the emirate is reinforcing its status by leveraging cutting-edge financial technologies to enhance government transactions and foster innovation in financial services. My appreciation goes to the Department of Finance for pursuing global partnerships that align with the Dubai Economic Agenda D33, reinforcing Dubai’s image as a global innovation hub."

Abdulrahman Saleh Al Saleh remarked on the significance of the MoU with Crypto.com in accelerating the objectives of Dubai’s digital payment strategy and enhancing the emirate's global stature in digital finance.

Eric Anziani, President and COO of Crypto.com, praised the initiative, stating, "We are privileged to support Dubai’s Department of Finance. This partnership will initiate comprehensive payment digitisation across the government, showcasing Dubai's commitment to a cashless society."

Ahmad Ali Meftah reiterated the commitment of Dubai Finance to adopt the latest financial technologies to bolster the emirate's status as a center for digital payments. He highlighted the necessity of public-private collaboration in driving this transformation and developing a regulatory framework that ensures both innovation and security in financial transactions.

Mohammed Al Hakim noted that today's announcement represents a significant advancement in digital finance, integrating it into government payment processes as part of the D33 agenda, which is aimed at fostering sustainable economic diversification in Dubai.

Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, explained that the Dubai Cashless Strategy aims to position the emirate among the world’s leading digital cities, with a goal of conducting over 90 percent of financial transactions through cashless methods by 2026.

The MoU with Crypto.com is expected to enhance the Dubai Cashless Strategy, allowing all government service users to seamlessly pay fees using digital currencies, a groundbreaking move in the financial sector. It is anticipated to contribute at least AED8 billion (approximately $2.2 billion) annually to the economy, driven by innovations and the growth of the fintech sector in Dubai.

Once the technical aspects of the agreement are set in motion, individuals and businesses will be able to make payments through Crypto.com’s digital wallet. The platform will efficiently convert these payments into Emirati dirhams, ensuring a secure and streamlined framework for government transactions.