Dubai: Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with Crypto.com, a globally recognised cryptocurrency trading platform, to enable the payment of government service fees using cryptocurrencies-an initiative that marks a significant step in advancing digital finance on a global scale. The MoU was signed today in the presence of Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai, and Abdulrahman Saleh Al Saleh, Director-General of DOF.
According to Emirates News Agency, the agreement was formalised by Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, and Mohammed Al Hakim, President of Crypto.com UAE, the cryptocurrency platform licensed by Dubai’s Virtual Assets Regulatory Authority (VARA). The signing occurred on the sidelines of DOF and Crypto.com’s participation in the Dubai FinTech Summit, which commenced today at the Dubai International Financial Centre, representing a key step in advancing Dubai’s digital finance landscape.
The partnership supports the implementation of the Dubai Cashless Strategy by enabling secure, efficient, and inclusive financial transactions through cryptocurrencies. It also paves the way for Dubai’s transition to a fully digital, cashless society by empowering the Government of Dubai to introduce a new digital payment channel across its official platforms. The initiative will enable seamless and secure payments for government services using stable cryptocurrencies, further strengthening Dubai’s position as a global hub for financial innovation.
Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai, noted 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 highlighted Dubai’s coordinated efforts across government entities and key sectors to meet and exceed the expectations of individuals, businesses, and the wider community.
Abdulrahman Saleh Al Saleh, Director-General of DOF, expressed pride in Dubai Finance’s role in driving the Dubai Cashless Strategy and shaping a distinctive digital financial future. He underscored 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 to enhance Dubai’s global standing in digital payments.
Eric Anziani, President and COO of Crypto.com, acknowledged the Government of Dubai as a global visionary with its plans for a cashless society. He expressed pride in being selected to support Dubai’s Department of Finance as part of this initiative, which will enable the first comprehensive and holistic government-wide implementation of payment digitisation.
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 highlighted the importance of collaboration between the public and private sectors in driving this transformation.
Mohammed Al Hakim stated that the announcement signifies significant progress for the adoption of digital finance with comprehensive integration into government payments. He expressed honour in partnering with Dubai Finance on a programme that aims to transform Dubai’s economic growth with the Dubai Cashless Strategy.
Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, commented on the Dubai Cashless Strategy’s aim to strengthen the emirate’s position among the world’s leading digital cities. The strategy aims to conduct more than 90 percent of financial transactions through cashless methods by 2026, with the agreement marking a groundbreaking initiative for government service users to pay fees through digital currencies.
The Dubai Cashless Strategy is expected to drive economic growth by adding at least AED8 billion annually to the economy, fuelled by the development of a wide range of innovative financial technology services and the accelerated expansion of Dubai’s fintech sector. Once technical arrangements for the agreement’s activation are finalised, customers of government entities will be able to pay service fees seamlessly through Crypto.com’s digital wallets, ensuring a streamlined and secure payment framework.