The Dubai government has formed a partnership with Crypto.com to introduce the option for residents and businesses to use cryptocurrencies to pay for government services. The formal agreement between Dubai Finance and Crypto.com was finalized on May 12 during the Dubai Fintech Summit at the Dubai International Financial Centre.

The collaboration signifies a significant step toward promoting digital finance globally, as stated by the emirate's official media office. Through the Memorandum of Understanding (MoU) signed with Crypto.com, Dubai Finance (DOF) aims to enable the payment of government service fees using cryptocurrencies. The partnership plans to utilize Crypto.com's digital wallets to convert cryptocurrency payments into dirhams (AED) and transfer them to Dubai Finance accounts when the technical arrangements are in place.

Residents and businesses will soon have the option to pay service fees through the digital wallet once the system is activated. While the specific cryptocurrencies for payment were not disclosed, the announcement mentioned the use of "stable" cryptocurrencies for transactions.

The signing of the MoU was overseen by officials including Abdulla Mohammed Al Basti, Secretary General of the Executive Council of Dubai, and Abdulrahman Saleh Al Saleh, Director General of DOF. The collaboration aligns with Dubai's broader Cashless Strategy, launched in October 2024, which aims to enhance Dubai's global position by facilitating secure and efficient financial transactions in both the public and private sectors.

Abdulrahman Saleh Al Saleh pointed out that by 2023, already 97% of Dubai's government transactions were digital. The new partnership is expected to further accelerate this trend. The Director of Digital Payment Systems Regulation, Amna Mohammed Lootah, emphasized the objective of achieving over 90% cashless financial transactions by 2026 in both sectors.

Dubai's Cashless Strategy is anticipated to boost economic growth by injecting at least AED 8 billion annually into the economy through innovative financial technology services and the expansion of Dubai's fintech sector. Notably, the Trump International Hotel and Tower project in Dubai is aligned with this initiative, planning to accept Bitcoin (BTC) and other cryptocurrencies for purchases, further supporting Dubai's efforts to integrate cryptocurrency payments into mainstream commerce.