Catenaa, Sunday, May 18, 2025-Dubai Department of Finance has signed a partnership with Crypto.com to enable cryptocurrency payments for government services, marking a major push in the emirate’s digital finance ambitions.
Announced during the Dubai FinTech Summit, the agreement allows residents and businesses to pay for public services using stablecoins through Crypto.com’s wallet platform.
The cryptocurrencies will be instantly converted to Emirati dirhams (AED) and transferred to government accounts. Officials say the move supports the United Arab Emirates’ Cashless Strategy, which aims to make 90% of all financial transactions cashless by 2026.
The agreement is designed to enhance the emirate’s reputation as a hub for financial innovation and could contribute up to 8 billion AED ($2.1 billion) annually to the local economy, the Department of Finance has estimated.
Crypto.com, which recently secured a limited license to offer derivatives trading from Dubai’s Virtual Assets Regulatory Authority (VARA).
This is expected to help crypto.com expand in the region.
The exchange had previously received approval in November 2023 to provide digital asset services in the region.
The announcement did not specify which cryptocurrencies will be supported initially, but officials emphasized the effort as a first-of-its-kind integration of crypto payments with public sector operations.
Dubai continues to attract global digital asset firms, with platforms like Binance and OKX also obtaining VARA approvals as the city pushes to solidify its role as a global crypto hub.
