Dubai taps Crypto.com to enable crypto payments for govt services
Dubai's government has signed an agreement with Crypto.com to enable crypto payments for government services, part of its cashless strategy aimed at creating a fully digital society. The initiative, announced during the Dubai Fintech Summit on May 12, will allow individuals and businesses to pay service fees using Crypto.com’s digital wallets, with payments converted to dirhams for the Dubai Department of Finance (DOF). The goal is for 90% of financial transactions in public and private sectors to be cashless by 2026. While specific cryptocurrencies were not mentioned, stablecoins are likely to be accepted. The cashless strategy, first announced in October 2024, aims to add at least 8 billion dirhams ($2.1 billion) to the economy and is expected to drive fintech sector growth. The DOF is developing a regulatory framework to ensure security and efficiency in digital transactions.
