Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with Crypto.com, a globally recognized cryptocurrency trading platform, to enable the crypto payments for government services.
The agreement to facilitate crypto payments for government services was formalized by Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at Dubai Finance, and Mohammed Al Hakim, President of Crypto.com UAE, the cryptocurrency platform licensed by Dubai’s Virtual Assets Regulatory Authority (VARA).
The signing, to enable crypto payments for government services, took place on the sidelines of Dubai Finance and Crypto.com’s participation in the Dubai FinTech Summit, which commenced at the Dubai International Financial Centre, representing a key step in advancing Dubai’s digital finance landscape.
The partnership supports the implementation of the Dubai Cashless Strategy by enabling secure, efficient and inclusive financial transactions through cryptocurrencies. It also paves the way for Dubai’s transition to a fully digital, cashless society by empowering the Government of Dubai to introduce a new digital payment channel across its official platforms.
The initiative will enable seamless and secure payments for government services using stable cryptocurrencies, further strengthening Dubai’s position as a global hub for financial innovation.
HE Abdulrahman Saleh Al Saleh Director General Department of Finance, Dubai
“We take great pride in Dubai Finance’s key role in driving the Dubai Cashless Strategy and shaping a distinctive digital financial future. As we stand at the forefront of a transformative financial revolution, we underscore the significance of the MoU with Crypto.com in accelerating the strategy’s objectives, aligning with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to enhance Dubai’s global standing in digital payments. We remain committed to collaborating with our partners across government entities and leading financial service providers to advance the digital payment ecosystem and develop innovative solutions that support the rapidly evolving digital economy.”
Eric Anziani, President and COO of Crypto.com, said that, “The Government of Dubai has been a true global visionary with its plans for a cashless society. We are proud to be selected to support Dubai’s Department of Finance as part of this initiative, which will see 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 catalyze this progress and we recognize the exceptional vision of Dubai’s leadership in shaping the future of economic growth with ambitious programs such as these.”
Mohammed Al Hakim, President of Crypto.com UAE, stated that, “This announcement represents significant progress for the adoption of digital finance with a comprehensive integration into the layers of government payments. As part of the ambitious D33 agenda, we are honored to partner with Dubai Finance on a truly global first program, as the emirate aims to transform Dubai’s economic growth with the Dubai Cashless Strategy, leading the way in shaping the future of sustainable economic diversification.”
The Dubai Cashless Strategy is expected to drive economic growth by adding at least AED 8 billion ($2 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 finalized, individuals and business 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.
