Dubai is set to enable residents to pay for government services using crypto, marking a groundbreaking step in digital finance for the public sector. This initiative follows a new memorandum of understanding (MoU) signed between Dubai’s Department of Finance (DOF) and the global digital asset platform Crypto.com.
The move aims to facilitate the payment of government service fees using cryptocurrencies. It signifies a substantial advancement in the realm of digital finance on a global scale.
The MoU was signed in the presence of His Excellency Abdulla Mohammed Al Basti, secretary general of The Executive Council of Dubai, and His Excellency Abdulrahman Saleh Al Saleh, director general of DOF. The agreement was executed by Ahmad Ali Meftah, executive director of the Central Accounts Sector at DOF, and Mohammed Al Hakim, president of Crypto.com UAE, the cryptocurrency platform licensed by Dubai’s Virtual Assets Regulatory Authority (VARA).
The signing occurred during the Dubai FinTech Summit, which commenced today at the Dubai International Financial Centre. This event represents a pivotal step in enhancing Dubai’s digital finance landscape.
Advancing Dubai’s cashless strategy
This partnership supports the implementation of the Dubai Cashless Strategy by enabling secure, efficient, and inclusive financial transactions through cryptocurrencies. It also lays the groundwork 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 facilitate seamless and secure payments for government services using stable cryptocurrencies, further solidifying Dubai’s position as a global hub for financial innovation.
His Excellency Abdulla Mohammed Al Basti stated that the adoption of 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.
Commitment to innovation and collaboration
“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,” Al Basti remarked.
Shaping a distinctive digital financial future
His Excellency Abdulrahman Saleh Al Saleh commented: “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, stated: “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 digitization. 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.”
Ahmad Ali Meftah reaffirmed Dubai Finance’s commitment to embracing the latest financial technologies, highlighting Dubai’s ambitious vision to position itself as a global hub for digital payments.
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Importance of public-private collaboration
“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,” Meftah further stated.
Moreover, Mohammed Al Hakim remarked: “Today’s 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.”
Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, added: “The Dubai Cashless Strategy aims to strengthen the emirate’s position among the world’s leading digital cities, with a goal of conducting more than 90 percent 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.”
Economic impact of Dubai’s cashless strategy
The Dubai Cashless Strategy is expected to drive economic growth by adding at least AED8 billion annually to the economy, driven by the development of a wide array 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. Furthermore, 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.
