Dubai has entered into a strategic partnership with Crypto.com to accept crypto payments for government services, marking a significant milestone for the economic capital of the Emirates, determined to become a global leader in cashless cities.
The Memorandum of Understanding (MOU) signed at the Dubai FinTech Summit aligns with the UAE’s national plan to convert 90% of public and private payments into digital payments by 2026. Crypto.com will facilitate cryptocurrency payments through its digital wallet, automatically converting them into Emirati dirhams (AED) before transferring them to the Department of Finance (DOF) accounts.
This system will allow individuals and businesses to directly settle their administrative procedures in stablecoins or other cryptos, although the list of supported assets has not been disclosed yet.
This initiative is expected to inject up to 8 billion AED (2.1 billion dollars) annually into the local economy. Mohammed Al Hakim, president of Crypto.com UAE, hailed it as a historic advancement, describing it as a truly unprecedented program on a global scale and a unique bridge between digital finance and public services.
This partnership also strengthens Dubai’s position in the global race for digital sovereignty. The city aims to become a key hub in the crypto industry, and this direct integration into the state systems marks a significant turning point.
Crypto.com continues to establish itself in the Emirates
The agreement comes amid Crypto.com’s growing presence in the region. In early April, the platform obtained a restricted license from the Virtual Assets Regulatory Authority (VARA) to offer derivative products in the Emirates. It had already received authorization for digital asset services in November 2023.
Dubai, on the other hand, solidifies its reputation as a global hub for crypto. Binance, OKX, and other industry giants have also received approval from local authorities, confirming a clear trend: the Emirates do not want to follow innovation, but lead it.
