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Dubai and Crypto.com Partner to Launch Crypto Payments for Public Services
By: bitcoin ethereum news|2025/05/13 19:45:04
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Dubai leads the world in launching complete crypto payment options for government services via Crypto.com. The move backs Dubai’s Cashless Strategy, which aims for 90% digital transactions by 2026 and an AED 8 billion economic boost. In a strategic development unveiled at the Dubai FinTech Summit 2025, the Government of Dubai has signed a Memorandum of Understanding (Mou) with Crypto.com to enable cryptocurrency payments for government services. This strategic partnership marks a global first, setting the stage for a fully integrated public-sector crypto payment framework. The initiative aims to support the emirate’s ambitious Cashless Strategy, which targets 90% digital financial transactions across public and private sectors by 2026. The deal was signed on May 12, with key government leaders in attendance, including His Excellency Abdulla Mohammed Al Basti, Secretary General of Dubai’s Executive Council, and His Excellency Abdulrahman Saleh Al Saleh, Director General of the Department of Finance. Under the agreement, residents and businesses can pay with stablecoins using Crypto.com’s licensed wallet. The system instantly converts payments to Emirati dirhams before sending them to government accounts. Dubai Pushes Further Into Digital Finance Dubai isn’t new to going digital. By the end of 2023, 97% of its government transactions were digitised. It’s raising the bar by becoming the first government to accept crypto payments at scale. Amna Mohammed Lootah, Director of Digital Payment Systems Regulation stated: “This agreement with a leading global crypto platform is a major leap. It brings us closer to achieving our goal of a cashless Dubai.” The initiative is projected to add more than AED 8 billion (around $2.1 billion) annually to the local economy. Officials say this growth will be fueled by wider fintech adoption and a forward-looking regulatory environment. Ahmad Ali Meftah, Executive Director at the Department of Finance, added: “We’re building a legal and technical framework that encourages innovation, but also keeps things safe, fast, and secure for everyone involved.” Crypto.com to Power the System Behind the Scenes Crypto.com, operating under a license from Dubai’s Virtual Assets Regulatory Authority (VARA), will be the engine behind this new payment system. Once integration is complete, users will see a crypto payment option in the app, allowing for quick and easy transactions that still settle in traditional currency. Eric Anziani, President and COO of Crypto.com stated: “This marks the first time a government anywhere has launched a crypto payment system this broad. We’re honoured to help turn Dubai’s vision into something real and functional.” While details on which stablecoins will be used remain under wraps, the move comes just weeks after Abu Dhabi revealed plans for a dirham-pegged stablecoin, hinting that similar tokens could be part of Dubai’s rollout. A New Global Standard for Public-Sector Innovation Dubai isn’t testing the waters—it’s diving in. While other governments are still experimenting with blockchain technology, Dubai is setting the pace with a full-scale launch. This move is closely aligned with its D33 Economic Agenda, which aims to double the city’s economy within the next decade. “This isn’t just a tech upgrade,” said Mohammed Al Hakim, UAE President of Crypto.com. “It’s a strategic move to future-proof Dubai’s economy and lead the world in digital finance.” By allowing crypto in government services, Dubai is showing other nations what’s possible when regulation, innovation, and ambition work together. Highlighted Crypto News for Today TRUMP Token Bleeds 10%, Is More Fall Ahead as Bears Tighten Grip? Source: https://thenewscrypto.com/dubai-and-crypto-com-partner-to-launch-crypto-payments-for-public-services/
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