Dubai Enters Agreement with Crypto.com to Power Government Crypto Payment Channel
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On May 12, Dubai’s Department of Finance signed a Memorandum of Understanding (MoU) with Crypto.com to process all government service fees in cryptocurrency. This agreement was formalized at the Dubai Fintech Summit.
Residents and companies will soon settle licence renewals, court charges, and other public-sector bills in stablecoins through Crypto.com wallets.
The exchange will then convert the tokens to the United Arab Emirates dirhams (AED) in real time and credit DOF accounts. The roll-out supports the Dubai Cashless Strategy, which targets 90 percent cash-free transactions across the economy by 2026.
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How Dubai is Reinventing Public Sector Transactions
Once live, Dubai will stand as the first jurisdiction where crypto covers every tier of public billing, a benchmark other governments are studying.
DOF Director General Abdulrahman Saleh Al Saleh expects the feature to strengthen the Emirate’s lead in online payments. Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, forecasts fintech adoption will add AED 8 billion ($2.2 billion) annually.
Executive Council Secretary General Abdulla Mohammed Al Basti called the agreement proof of Dubai’s proactive financial stance, and Crypto.com president Eric Anziani praised the city’s visionary strategy.
Engineers have begun integration, and officials plan a public launch within 12 months. DOF executive Ahmad Ali Meftah assures that regulators will finalize rules that foster innovation while ensuring security and efficiency before then.
Dubai builds on a strong base, where almost 97% of government payments happened electronically in 2023.
The city of New York isn’t so far away. It recently advanced Assembly Bill A7788, which lets state agencies accept Bitcoin and other tokens for taxes and fees.
How the UAE is Pioneering the Future of Digital Finance
This isn’t the first time Dubai and Crypto.com have agreed on crypto integration in the region.
Crypto.com secured a limited VARA license to offer futures and other derivative products to institutional and qualified investors (initially limited to institutions and later extended to experienced individuals).
Moreover, investor interest has been growing as the UAE recently topped a crypto-focus index amongst countries in the world, with 25.3% ownership and 210% adoption growth.
The Arab state plans to build on that momentum.
Dubai is piloting a real-estate deed tokenization through the Dubai Land Department in partnership with the Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation. A program that could account for 7% of the city’s transactions and be worth 60 billion dirhams by 2033.
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In April, ADQ and First Abu Dhabi Bank announced a fully compliant, dirham-pegged stablecoin under UAE central bank oversight.
ADI blockchain will power retail, commercial, cross-border, and machine-to-machine transactions on a secure, regulator-friendly network.
H.E. Mohamed Hassan of ADQ called the launch a milestone for the UAE’s digital ecosystem. The stablecoin is expected to grow along with the nation’s top global crypto adoption status and boost digital asset transactions and security.
