Dubai Finance (DOF) signed a Memorandum of Understanding (MoU) with cryptocurrency exchange Crypto.com on May 12, 2025, to facilitate cryptocurrency payments for government service fees. The agreement, formalized during the Dubai Fintech Summit, positions Dubai as the first government globally to adopt such a system.

The partnership aligns with the Dubai Cashless Strategy, which aims to transition 90% of public and private sector transactions to cashless methods by 2026. Customers will soon pay fees via Crypto.com wallets, with cryptocurrencies converted to Emirati dirhams and transferred securely to DOF accounts.

His Excellency Abdulla Mohammed Al Basti, Secretary General of Dubai’s Executive Council, stated the initiative reflects Dubai’s “proactive approach” to financial innovation. DOF Director General Abdulrahman Saleh Al Saleh emphasized the deal’s role in advancing Dubai’s standing as a digital payments leader, citing alignment with Sheikh Mohammed bin Rashid Al Maktoum’s economic vision.

Eric Anziani, President of Crypto.com, praised Dubai’s “visionary” strategy, noting the collaboration would deliver the first government-wide digital payment overhaul. The platform will integrate with Dubai’s portals to enable seamless transactions using stablecoins. Anziani remarked:

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.

Anma Mohammed Lootah, Director of Digital Payment Systems Regulation, said the initiative could add AED 8 billion ($2.2 billion) annually to Dubai’s economy by accelerating fintech growth. Technical preparations are underway to activate the system, which DOF expects to enhance trust and efficiency in government services.

Ahmad Ali Meftah, DOF’s Central Accounts Sector Executive Director, highlighted ongoing efforts to develop a secure regulatory framework for digital transactions. The agreement underscores Dubai’s ambition to cement itself as a global hub for financial technology and innovation.

The move follows Dubai’s Virtual Assets Regulatory Authority (VARA) licensing Crypto.com in 2023, reinforcing the emirate’s regulatory leadership in the crypto sector. Officials anticipate the system will go live within the next year.

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