The Dubai Land Department (DLD) has signed a memorandum of cooperation (MoC) with Crypto.com to establish a digital investment environment for virtual real estate assets and to explore the application of blockchain technologies and digital currencies within the sector.
In alignment with the Dubai Government’s vision to expedite digital transformation and boost the emirate’s status as a global hub for technological innovation and smart real estate investment, the Dubai Media Office reported.
The signing of the MoC follows the announcement of the Dubai Government’s plans to enable the payment of government fees using digital currencies—an important step forward in integrating technology with public services and reinforcing the emirate’s leadership in government innovation.
This initiative also aligns with the Dubai Real Estate Strategy 2033, which aspires to create a smart, sustainable, and knowledge-driven real estate ecosystem. By adopting advanced technologies, Dubai is enhancing its appeal for high-quality investments and accelerating progress toward its AED1 trillion real estate transactions target for 2033.
The agreement was signed by His Excellency Omar Hamad BuShehab, director general of the Dubai Land Department, and Mohamed Abdul Latif Al Hakim, the authorized signatory for Crypto.com, in the presence of several officials and CEOs from both organizations.
This collaboration aims to develop mechanisms that support digital real estate transactions by leveraging blockchain technologies and virtual assets, while also examining the potential use of digital currencies in property transactions. The initiative seeks to enhance market liquidity and align with modern trends in smart investment. Additionally, the partnership aspires to create an integrated digital ecosystem that facilitates real estate asset trading, investor verification, and the execution of digital custody and settlement processes within a secure and advanced framework.
Strengthening Dubai’s real estate market
Moreover, the collaboration aims to strengthen Dubai’s real estate market as a premier global destination for digital real estate investment, through the development of innovative investment tools that cater to the aspirations of international investors and keep pace with the evolving real estate landscape in the emirate.
This collaboration reflects the Department’s commitment to aligning with the leadership’s strategic vision to make Dubai the best city in the world to live, work, and invest in. It also supports the objectives of the Dubai Economic Agenda D33, which focuses on creating an ideal investment environment that strengthens Dubai’s economy through innovative approaches that promote sustainable growth.
Under this collaboration, the Dubai Land Department will investigate the potential use of platforms and technological solutions proposed by Crypto.com in areas such as real estate tokenization and the trading of digital assets. The Department will also offer the necessary administrative and logistical support to facilitate the implementation of joint projects and evaluate proposals based on its approved regulatory frameworks. Additionally, DLD is committed to ensuring compliance with Dubai’s regulations by providing all relevant legal and legislative requirements.
Read more: Dubai government launches world’s first crypto payments for cashless services
Analytical tools for informed decision-making
For its part, Crypto.com will propose suitable technological solutions to facilitate the use of digital currencies in the real estate sector, offer necessary technical support and advisory services, and deliver analytical tools and reports that aid informed decision-making for digital projects. Upon agreement to proceed with any proposed projects, the company will supply all required technical and legal documentation and obtain the necessary approvals from relevant authorities in accordance with the applicable regulations in the emirate.
The signing of this MoC marks a significant strategic milestone in the Dubai Land Department’s efforts to foster innovation in the real estate sector and create an integrated environment that supports the development of an advanced digital marketplace, opening new investment horizons and reinforcing Dubai’s position as a leader among global cities adopting the latest digital real estate solutions.
