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Dubai’s Department of Finance signed an MOU with Crypto.com to enable crypto payments for government services.
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Payments will be converted to AED using Crypto.com's wallet infrastructure.
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The initiative supports Dubai’s cashless transformation and could add $2.1 billion to its economy annually.
Crypto Payments Enter Dubai’s Public Sector
Dubai’s finance department has teamed up with Crypto.com to allow citizens and businesses to pay for public services using cryptocurrency. The agreement is part of Dubai’s broader Cashless Strategy, aiming to move 90% of transactions away from cash by 2026.
Mechanics of the Payment System
Under the partnership, users can pay using stable cryptocurrencies via Crypto.com’s digital wallet. These payments will be automatically converted to Emirati dirhams (AED) before being transferred to the Department of Finance’s accounts. The specific supported cryptocurrencies have not been disclosed.
Strategic and Economic Impact
Officials expect the initiative to contribute AED 8 billion ($2.1 billion) to Dubai’s economy annually. Crypto.com is expanding its local footprint after receiving a license from Dubai’s Virtual Assets Regulatory Authority to offer derivatives trading.
The move reinforces Dubai’s growing status as a global crypto hub, with other firms like Binance and OKX also securing licenses in the region.
