Dubai Finance and Crypto.com forge world-first agreement. The activation of the agreement enables customers to pay government service fees using cryptocurrency wallets within a secure and innovative payment framework.
Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with Crypto.com, a globally recognised cryptocurrency trading platform, to facilitate government service fee payments using cryptocurrencies—”marking a pioneering milestone in digital finance on a global scale” – according to the press release.
The partnership will accelerate the implementation of the Dubai Cashless Strategy. Designed to foster secure, efficient, and inclusive financial transactions through cryptocurrencies, it paves the way for Dubai’s transition to a fully digital, cashless society by empowering the Government of Dubai to harness financial technology in launching a new digital payment channel on the government’s digital portals.
„This innovation will enable seamless, secure, and forward-thinking payments for government services using stable cryptocurrencies, reinforcing Dubai’s position as a global leader in financial innovation.” – the company said.
His Excellency Abdulla Mohammed Al Basti, Secretary General of The Executive Council of Dubai, affirmed that adopting secure cryptocurrency solutions within the Government of Dubai’s payment system reflects a proactive approach to anticipating future needs and responding to global economic and financial developments.
He said: “Dubai continues to advance through coordinated efforts across government entities and key sectors to meet and exceed the expectations of individuals, businesses, and the wider community. As a global leader in digital transformation, the emirate is further strengthening its position by deploying the latest secure financial technology solutions that support its cashless strategy, streamline government transactions, and foster innovation in financial services. I extend my sincere appreciation to the Department of Finance for enabling new global partnerships that support the objectives of the Dubai Economic Agenda D33 and reinforce Dubai’s status as a global hub for innovation.”
“The Government of Dubai has been a true global visionary with its plans for a cashless society,” said Eric Anziani, President and COO of Crypto.com. “We are proud to be selected to support Dubai’s Department of Finance as part of this initiative, which sees Crypto.com enable the delivery of the first comprehensive and holistic Government-wide implementation of payment digitisation. We are excited to bring our capabilities and innovative thinking to catalyse this progress and we recognise the exceptional vision of Dubai’s leadership in shaping the future of economic growth with ambitious programmes such as these.”
Ahmad Ali Meftah reaffirmed Dubai Finance’s commitment to embracing the latest financial technologies, underscoring Dubai’s ambitious vision to position itself as a global hub for digital payments. He stated: “Collaboration between the public and private sectors plays a vital role in driving this transformation. 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.”
Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, stated: “The Dubai Cashless Strategy aims to solidify the emirate’s position among the world’s leading digital cities, with a goal of conducting more than 90% of financial transactions across both the public and private sectors through cashless methods by 2026. The signing of this agreement with a globally renowned cryptocurrency platform marks a groundbreaking initiative, enabling government service users to pay all government fees through digital currencies—an unprecedented step in the global financial landscape. We are confident that this milestone will significantly accelerate the advancement of the Dubai Cashless Strategy.”
The strategy is expected to drive economic growth by adding at least AED 8 billion annually to the economy, fueled by the development of a wide range of innovative financial technology services and the accelerated expansion of Dubai’s fintech sector.
Once the necessary technical arrangements for the agreement’s activation are finalised, individuals and businesses customers of government entities will be able to pay service fees seamlessly through Crypto.com’s digital wallets. 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.
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