- Dubai partners with Crypto.com to enable the payment of public services in cryptocurrencies, with automatic conversion into dirhams before receipt by the government.
- The objective is to reach 90% of dematerialized payments by 2026, as part of the national plan for a “cashless” economy.
- This partnership, presented as a world first, could generate $2.1 billion per year and strengthen Dubai’s status as a global crypto capital.
Dubai will allow the payment of government services in crypto
The city of Dubai has just signed a strategic agreement with Crypto.com to accept crypto payments for government services. A new step for the economic capital of the Emirates, determined to become the world reference for “cashless” cities.
Objective: 90% cashless payments by 2026
The Memorandum of Understanding (MOU), signed during the Dubai FinTech Summit, is part of the Emirati national plan to convert 90% of public and private payments into dematerialized payments by 2026. Crypto.com will be responsible for facilitating cryptocurrency payments via its digital wallet, with automatic conversion to Emirati dirhams (AED) before transfer to the accounts of the Department of Finance (DOF).
This system will allow individuals and businesses to directly settle their administrative procedures in stablecoins or other crypto, even if the list of supported assets has not yet been communicated.
An economic bet of $2.1 billion
According to authorities, this initiative should inject up to 8 billion AED ($2.1 billion) per year into the local economy. Mohammed Al Hakim, president of Crypto.com UAE, hailed a historic breakthrough, calling it a “truly unprecedented program on a global scale” and an unprecedented bridge between digital finance and public services.
This partnership also strengthens Dubai’s position in the global race for digital sovereignty. The city wants to become a key hub in the crypto industry, and this direct integration into state systems marks a turning point.
Crypto.com continues to gain ground in the Emirates
The agreement comes in a context of Crypto.com’s rise in the region. In early April, the platform obtained a restricted license from VARA (Virtual Assets Regulatory Authority) to offer derivative products in the Emirates. It had already obtained authorization for digital asset services in November 2023.
Dubai, for its part, is consolidating its image as the world’s crypto capital. Binance, OKX and other industry giants have also received the green light from local authorities, confirming a strong trend: the Emirates do not want to follow innovation… but to pilot it.
