In a move that reflects Dubai’s forward-looking vision for a digital economy, the Department of Finance has announced the signing of a Memorandum of Understanding (MoU) with global cryptocurrency trading platform Crypto.com. The agreement aims to enable the payment of Dubai government service fees using stable digital currencies.
The MoU was signed during the participation of both parties in the Dubai FinTech Summit, held at the Dubai International Financial Centre. It was signed by the Executive Director of the Central Accounts Sector at the Department of Finance and the Head of Crypto.com in the UAE, which is licensed by Dubai’s Virtual Assets Regulatory Authority (VARA).
According to the official statement, this initiative supports the implementation of Dubai’s cashless strategy by leveraging financial technology to launch a new, secure digital payment channel through Dubai’s digital portals, allowing users to pay for government services using stable cryptocurrencies.
The Department of Finance expects this initiative to contribute to local economic growth by adding at least AED 8 billion annually, through accelerating the expansion of Dubai’s fintech sector and enhancing the range of digital services available in the emirate.
