Crypto.com has teamed up with the Dubai government to roll out crypto payments for public services. The agreement was signed during the Dubai Fintech Summit on May 12 and supports Dubai’s vision of becoming a fully cashless and digital city.
Under this partnership, Crypto.com will provide digital wallets that allow individuals and businesses to pay for government services using crypto. While the Dubai Department of Finance (DOF) hasn’t confirmed which coins will be accepted, it hinted at “stable cryptocurrencies,” suggesting stablecoins will be in use. All crypto payments will be instantly converted to dirhams and transferred to DOF accounts.
Amna Mohammed Lootah, director of digital payment systems regulation, said the city aims to “power 90% of financial transactions across both the public and private sectors through cashless methods by 2026”. She added, “We are confident this milestone will accelerate the Dubai Cashless Strategy.”
This is one of the ways of a greater fintech push. The city rolled out its cashless strategy in October 2024, with 97% of government payments already digital in 2023. The DOF hopes that this digital drive will contribute 8 billion dirhams (roughly $2.1 billion) to Dubai’s economy.
Crypto.com’s participation makes it at the center of Dubai’s digital transformation. The company will be instrumental in bringing crypto into everyday government transactions, making it less challenging for residents and businesses to adopt digital finance.
Dubai further consolidates its position as a crypto-friendly hub by conducting such large-scale events as Token2049 and introducing blockchain-based projects in various industries.
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