– Dubai Finance signs MoU with Crypto.com to enable cryptocurrency payments for government fees in pioneering global move
– Partnership supports the Dubai Cashless Strategy by enabling secure, efficient and inclusive financial transactions through cryptocurrencies
– Initiative further strengthens Dubai’s position as a global hub for financial innovation
– Signing made on the sidelines of DOF and Crypto.com’s participation in the Dubai FinTech Summit
Dubai Finance (DOF) is making headlines with its recent Memorandum of Understanding (MoU) signed with Crypto.com, a globally recognized cryptocurrency trading platform. This collaboration represents a major leap in the digital finance arena and sets the stage for allowing the payment of government service fees using cryptocurrencies. Such an initiative signifies a bold step forward, not just for Dubai, but for the evolution of digital finance on a global scale.
The MoU was signed in a notable ceremony attended by distinguished figures such as His Excellency Abdulla Mohammed Al Basti, Secretary General of The Executive Council of Dubai, and His Excellency Abdulrahman Saleh Al Saleh, Director General of DOF. The agreement was formalized by Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF, alongside Mohammed Al Hakim, President of Crypto.com UAE, marking a pivotal moment in Dubai’s financial landscape.
This signing took place during the Dubai FinTech Summit, held at the Dubai International Financial Centre, and highlights the city’s commitment to advancing its digital finance ecosystem. The partnership is instrumental in supporting the Dubai Cashless Strategy, enabling secure and inclusive financial transactions through cryptocurrencies. It also facilitates Dubai’s aspiration to transform into a fully cashless society, empowering the Government to introduce a modern digital payment channel across its platforms.
His Excellency Abdulla Mohammed Al Basti emphasized that the integration of secure cryptocurrency solutions within government payment systems illustrates a proactive response to future needs and global economic trends. He articulated that Dubai is on an upward trajectory, driven by coordinated efforts across various government entities to meet the rising expectations of individuals and businesses alike.
“As a global leader in digital transformation, Dubai is enhancing its standing by integrating advanced financial technology solutions that streamline governmental processes and foster innovation in financial services,” Al Basti remarked. His commendation extends to the Department of Finance for forging new global partnerships that support the ambitious Dubai Economic Agenda D33, highlighting Dubai’s role as a beacon of innovation.
Abdulrahman Saleh Al Saleh echoed this sentiment, taking pride in Dubai Finance’s pivotal role in propelling the Cashless Strategy. He asserted that the MoU with Crypto.com is a critical component in advancing the objectives of the strategy. This aligns seamlessly with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, aiming to fortify Dubai’s global stature in the digital payments arena.
Eric Anziani, President and COO of Crypto.com, conveyed pride in contributing to Dubai’s transition towards a cashless society. He recognized Dubai’s leadership as a blueprint for economic growth, stating that the collaboration would lead to a comprehensive government-wide implementation of payment digitization—a step towards shaping a more innovative future.
Ahmad Ali Meftah affirmed the commitment of Dubai Finance to embrace advanced financial technologies, as the city envisions itself as a global leader in digital payments. He highlighted the necessity of public-private collaboration to drive transformation, emphasizing the development of an advanced regulatory framework that assures innovation alongside high security and efficiency standards in digital financial transactions.
Mohammed Al Hakim reflected on the significance of the agreement with DOF, underscoring its potential to advance digital finance adoption within governmental frameworks. He expressed honor in participating in this groundbreaking initiative that supports the Dubai Cashless Strategy and drives economic diversification.
Amna Mohammed Lootah further elaborated on the Dubai Cashless Strategy, which aspires to position the emirate among the world’s top digital cities. By targeting 90% of financial transactions through cashless means by 2026, this agreement is a crucial milestone, allowing users to pay all government fees via digital currencies—marking a first in the global financial landscape.
Such initiatives are believed to substantially boost Dubai’s economy, potentially adding at least AED8 billion annually through the development of innovative fintech services and the expansion of the local fintech ecosystem.
Once technical arrangements for the agreement are finalized, individuals and businesses will be able to conveniently pay service fees through Crypto.com’s digital wallets. This secure infrastructure will convert payments into Emirati dirhams and transfer them to Dubai Finance accounts, crafting a streamlined payment solution that enhances security and innovation.
