Dubai’s Department of Finance (DOF) has signed a MoU with Crypto.com to enable the payment of government service fees using digital currencies.

The initiative marks a step forward in Dubai’s move towards digital finance.

The signing took place during the Dubai FinTech Summit at the Dubai International Financial Centre, where both DOF and Crypto.com are participating.

This partnership supports the Dubai Cashless Strategy by introducing cryptocurrency as a digital payment option for government services.

It is intended to enable secure and efficient financial transactions and support the transition towards a cashless society.

The system will allow payments using stable digital currencies, with funds converted to Emirati dirhams and transferred to DOF accounts.

Abdulla Mohammed Al Basti, Secretary General of The Executive Council of Dubai, stated,

“As a global leader in digital transformation, the emirate is further strengthening its position by deploying the latest secure financial technology solutions that support its cashless strategy, streamline government transactions, and foster innovation in financial services.”

Eric Anziani, President and COO of Crypto.com, said:

“We are proud to be selected to support Dubai’s Department of Finance as part of this initiative, which will see Crypto.com enable the delivery of the first comprehensive and holistic Government-wide implementation of payment digitisation.”

According to estimates, the Dubai Cashless Strategy is expected to contribute at least AED 8 billion annually to the local economy, through the growth of fintech services and the expansion of the sector.

Once the technical systems are in place, individuals and businesses will be able to pay for government services using Crypto.com’s digital wallets. The platform will convert the digital payments into dirhams and transfer them to DOF accounts.

Featured image credit: Govt of Dubai