The Dubai Department of Finance (DOF) has signed a memorandum of understanding with the cryptocurrency platform Crypto.com. The agreement envisages the introduction of a system for paying for public services using digital assets. The signing took place as part of the Dubai Fintech Summit.
Dubai has become the first region in the world to officially implement the possibility of paying for public services with cryptocurrency. The new mechanism will allow residents and companies to pay fees through Crypto.com wallets. In this case, the funds will be automatically converted into Emirati dirhams and transferred to DOF accounts.
The agreement supports Dubai's Cashless Strategy, which aims to convert 90% of all transactions to a cashless format by 2026.
Abdullah Mohammed Al Basti, Secretary General of the Emirate's Executive Council, said the initiative reflects Dubai's commitment to innovation in financial technology. The head of DOF, Abdulrahman Saleh Al Saleh, added that the partnership strengthens the city's status as a leader in digital payments and is in line with the economic course set by Sheikh Mohammed bin Rashid Al Maktoum.