Dubai continues to enhance its financial infrastructure: the city government has signed an agreement with the crypto exchange Crypto.com for the implementation of crypto payments.
Agreement with Crypto.com
The agreement, formalized during the Dubai Fintech Summit on May 12, is part of Dubai’s cashless strategy. Now, both individuals and businesses can pay for government services through crypto payments using Crypto.com’s digital wallets. Payments will be converted into dirhams and transferred to the Dubai Department of Finance accounts.
Dubai's Cashless Strategy
According to Amna Mohammed Lootah, director of digital payment systems regulation, Dubai plans for 90% of financial transactions across the public and private sectors to be conducted cashlessly by 2026. 'We are confident that this milestone will significantly accelerate the advancement of the Dubai Cashless Strategy,' she added.
Fintech Sector Expansion
The cashless strategy, first announced in October 2024, predicts an addition of at least 8 billion dirhams ($2.1 billion) to the economy, fueled by the development of financial technology services and the accelerated growth of Dubai’s fintech sector. Ahmad Ali Meftah, executive director of the central accounts sector at the DOF, stated that the government is actively developing a regulatory framework that 'fosters innovation while ensuring the highest standards of security and efficiency'.
The implementation of crypto payments in Dubai's government services underscores the city's commitment to developing a cashless economy and strengthening the fintech sector, unlocking new opportunities for innovation and technology.
