Dubai has taken a significant step toward reinforcing its position as a global FinTech hub by allowing government services to be paid for using cryptocurrencies. The initiative is designed to modernize the emirate’s financial landscape and drive further adoption of digital assets.
The Department of Finance (DOF) has signed a memorandum of understanding (MoU) with international cryptocurrency exchange Crypto.com, aiming to integrate cryptocurrency payments into the emirate’s public service payment system. Under this initiative, citizens and businesses can soon pay government fees using stablecoins via official platforms.
According to His Excellency Abdulla Mohammed Al Basti, Secretary General of the Executive Council of Dubai, the partnership with Crypto.com will enable safe, efficient, and inclusive cryptocurrency transactions that adhere to local regulatory standards. The company’s license from the Dubai Virtual Asset Regulatory Authority (VARA) will facilitate these transactions. Al Basti emphasized that the move is part of a broader strategy to position Dubai as a leader in the digital economy and financial innovation.
The DOF stated that the initiative will allow individuals and corporate clients to pay service fees using stablecoins through Crypto.com’s digital wallets. The assets will be converted into dirhams and credited to the Department of Finance’s accounts during the transaction process.
This announcement follows Crypto.com’s recent pilot program allowing cryptocurrency payments at Emarat gas stations in the UAE.
Author: Ana Bustos GarcÃa
