Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with Crypto.com, a global cryptocurrency trading platform, to facilitate government service fee payments using cryptocurrencies—marking a pioneering milestone in digital finance on a global scale.
The agreement was formalized by Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, and Mohammed Al Hakeem, Head of Operations at 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 “at the Dubai International Financial Centre, marking a pivotal step in advancing Dubai’s digital finance landscape.”
The partnership will accelerate the “implementation of the Dubai Cashless Strategy.”
Designed to foster secure, efficient, and inclusive financial transactions through cryptocurrencies, it paves the way for Dubai’s transition to “a fully digital, cashless society by empowering the Government of Dubai to harness financial technology in launching a new digital payment channel on the government’s digital portals.”
This innovation will enable payments for government services using stable cryptocurrencies.
Abdulla Mohammed Al Basti, Secretary General of The Executive Council of Dubai, affirmed 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.”
He said:
“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.”
Abdulrahman Saleh Al Saleh stated:
“We take great pride in Dubai Finance’s pivotal 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 elevate 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.”
Ahmad Ali Meftah 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.”
He stated:
“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.”
The strategy is expected to drive economic growth “by adding at least AED 8 billion annually to the economy, fueled by the development of a range of innovative financial technology services and the accelerated expansion of Dubai’s fintech sector.”
Once the technical arrangements for the agreement’s activation are finalized, individuals and businesses customers of government entities “will be able to pay service fees seamlessly through Crypto.com’s digital wallets.”
The platform will reportedly convert these payments “into Emirati dirhams and transfer them to Dubai Finance accounts, ensuring a streamlined, secure, and innovative payment framework.”