Dubai Finance (DOF) yesterday signed a Memorandum of Understanding (MoU) with the cryptocurrency exchange Crypto.com to enable cryptocurrency payments for government service fees.
This agreement, formalized at the Dubai Fintech Summit, makes Dubai the first government globally to adopt such a system.
The partnership supports the Dubai Cashless Strategy, which aims to transition 90% of public and private sector transactions to cashless methods by 2026.
Soon, customers will be able to pay fees using Crypto.com wallets, with cryptocurrencies being converted to Emirati dirhams and securely transferred to DOF accounts.
His Excellency Abdulla Mohammed Al Basti, Secretary General of Dubai’s Executive Council, stated that the initiative demonstrates Dubai’s “proactive approach” to financial innovation.
