Dubai Finance and Crypto.com partner to allow UAE citizens to pay for government services with crypto.
Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with the crypto exchange Crypto.com to enable people in the UAE to pay government fees using stable cryptocurrencies.
The agreement was officially announced at the Dubai FinTech Summit, where key officials from DOF and Crypto.com were present.
The new partnership supports Dubai’s goal of becoming a cashless society by 2026. According to the “Dubai Cashless Strategy,” 90% of all transactions in the emirate across both government and private sectors should happen digitally. This strategy is expected to contribute over AED 8 billion to the local economy each year by promoting the growth and expansion of innovative fintech services in Dubai.
According to the state officials, 97% of government transactions in Dubai already happen electronically. It is possible due to a few fintech platforms, such as the DubaiNow app, developed by Smart Dubai to provide residents, citizens, and businesses with seamless access to over 130 government and private services, and a digital wallet service, du Pay.
Adding crypto to the list of potential government fee payment methods increases the flexibility and convenience of the local payment infrastructure.
Once the technical setup is complete, individuals and businesses will be able to pay government service fees through Crypto.com’s digital wallets. The platform will instantly convert cryptocurrency payments into Emirati dirhams and transfer them securely to Dubai Finance, ensuring smooth and safe transactions.
The new digital payment method will be available on government platforms, reducing the need for cash transactions when it comes to public services and regulatory compliance. The crypto transfers could potentially enhance the financial security of various payment types, including taxes, fines, charges, and tariffs applicable across different sectors, leveraging their inherent cryptography and decentralised ledger transparency.
His Excellency Abdulla Mohammed Al Basti, Secretary General of the Executive Council of Dubai, highlighted that the adoption of cryptocurrency payments reflects Dubai’s commitment to future-ready solutions and global financial trends. He praised the Department of Finance for building strong partnerships that align with Dubai’s economic goals and its digital transformation strategy.
Eric Anziani, President and COO of Crypto.com, expressed pride in partnering with Dubai Finance for the first government-wide implementation of cryptocurrency payments. He acknowledged Dubai’s forward-thinking approach in financial technology and its ambition to lead the digital payment space.
Crypto.com has a regional hub in Dubai. It became one of the first crypto platforms to receive full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA). Leveraging this license, Crypto.com launched its exchange for institutional investors in April 2024, with a retail offering having followed last August.
