Crypto.com signs Memorandum of Understanding (MoU) with Dubai’s Department of Finance (Dubai Finance) to enable cryptocurrency payments for government fees.
Announced on May 12, the agreement allows the Singapore-based crypto exchange to support Dubai’s transition to digital payments, marking a significant step in the city’s Cashless Strategy.
“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,” said Eric Anziani, President and COO of Crypto.com.
The agreement 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 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,” said Anzani.
The partnership aims to provide secure, seamless payments for government services using stable cryptocurrencies through Crypto.com’s digital wallets. Users will be able to convert payments into Emirati dirhams and transfer them to Dubai Finance accounts.
Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at Dubai Finance, highlighted the importance of public-private collaboration.
“We are actively developing an advanced regulatory framework that fosters innovation while ensuring the highest standards of security and efficiency in digital financial transactions,” he said.
“This enhances customer trust in Dubai Government services and unlocks new opportunities for economic growth.”
Growing Dubai’s financial standing
The MoU will set the foundations for Dubai’s Cashless Strategy.
Launched in October 2024, the strategy aims for cashless transactions to account for 90% of all transactions by 2026. Dubai believes this goal could boost economic growth by over $2.17bn (AED 8bn) annually through fintech innovation.
“We take great pride in Dubai Finance’s key role in driving the Dubai Cashless Strategy and shaping a distinctive digital financial future,” said Abdulrahman Saleh Al Saleh, Director General of Dubai Finance.
“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 […] to enhance Dubai’s global standing in digital payments.”
Dubai’s prominence in digital payments has grown significantly in recent years. A series of approved licences has catalysed this growth, with Ripple, OKX, and Binance among the companies entering the region.
The United Arab Emirates (UAE) has been praised for its licensing process by new entrants, which is relatively more accessible than in European countries like the UK. A reason for this is the UAE offers simplified procedures.
When Ripple Labs became the first blockchain-enabled payments provider licensed by the Dubai Financial Services Authority, Brad Garlinghouse, CEO of Ripple Labs, commented: “Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
