The Dubai Department of Finance (DOF) and the Crypto.com exchange have signed a memorandum of understanding that will allow residents and contractors to pay for government services, including utilities, using crypto assets. This significant step took place on May 12, 2025, during the Dubai FinTech Summit held at the Dubai International Financial Centre.
This is reported by Business • Media
After the technical adjustments are completed, individuals and contractors with contracts with government agencies will be able to use their cryptocurrency wallets to make payments. It is noted that the platform will automatically convert cryptocurrencies into United Arab Emirates dirhams, transferring them to Dubai Finance accounts, ensuring a secure and innovative payment structure.
“The platform will securely convert these payments into UAE dirhams and transfer them to Dubai Finance accounts, providing an optimized, secure, and innovative payment structure,” stated Crypto.com.
This new initiative covers a wide range of government services, including parking fees and utility bills. It is part of Dubai’s strategy to transition to a cashless digital society. Notably, according to the DOF plan, “stable crypto assets” will be used for payments, although specific currency names have not been disclosed.
Dubai’s cashless payment strategy aims to achieve 90% cashless transactions in both the public and private sectors by 2026. It is expected that the new program will generate approximately $2.1 billion annually. The head of the local Crypto.com division, Mohammed Al Hakim, emphasized that this initiative is the first project of its kind on such a scale in the world.
Interestingly, this is not the first initiative by Crypto.com aimed at expanding its presence in the UAE. Previously, the exchange entered into a partnership agreement with the state oil company Emarat to implement crypto payments at its network of gas stations.