Dubai Finance signs MoU with Crypto.com to enable cryptocurrency payments for government fees

Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with Crypto.com, a globally recognised cryptocurrency trading platform, to enable the payment of government service fees using cryptocurrencies-an initiative that marks a significant step in advancing digital finance on a global scale.

The MoU was signed on Monday in the presence of Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai, and Abdulrahman Saleh Al Saleh, Director-General of DOF.

The agreement was formalised 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 the Dubai’s Virtual Assets Regulatory Authority (VARA).

The signing took place on the sidelines of DOF and Crypto.com’s participation in the Dubai FinTech Summit, which commenced today at the Dubai International Financial Centre, representing a key step in advancing Dubai’s digital finance landscape.

The partnership supports the implementation of the Dubai Cashless Strategy by enabling secure, efficient and inclusive financial transactions through cryptocurrencies. It also paves the way 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 enable seamless and secure payments for government services using stable cryptocurrencies, further strengthening Dubai’s position as a global hub for financial innovation.

Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai, said that adopting 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.

"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 said.

Abdulrahman Saleh Al Saleh, Director-General of DOF, said, "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, said, "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 digitisation. We are excited to bring our capabilities and innovative thinking to catalyse this progress and we recognise the exceptional vision of Dubai's leadership in shaping the future of economic growth with ambitious programmes such as these.”

Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, reaffirmed Dubai Finance’s commitment to embracing the latest financial technologies, underscoring Dubai’s ambitious vision to position itself as a global hub for digital payments.

"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,” he said.

Mohammed Al Hakim, President of Crypto.com UAE, said, "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 honoured to partner with Dubai Finance on a truly global first programme, 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, said, "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 per cent 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.”

The Dubai Cashless Strategy is expected to drive economic growth by adding at least AED8 billion annually to the economy, fuelled by the development of a wide range 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 finalised, individuals and businesses customers of government entities will be able to pay service fees seamlessly through Crypto.com's digital wallets. 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.

WAM