Crypto.com, a popular crypto exchange, has commenced a new collaboration with the government of Dubai. As a part of this collaboration, the Dubai government will accept crypto assets in terms of fees for services. The platform took to its official website to disclose this groundbreaking development.
Crypto.com Announces Partnership with Dubai Government to Enable Crypto Payments for Services
The crypto exchange considers this collaboration a milestone to increase crypto accessibility within Dubai. This development is considered to be the earliest government-wide crypto acceptance in terms of payments in any jurisdiction in the world. In this respect, an MOU was signed by the Dubai Department of Finance and Crypto.com. The initiative took place under the supervision of Saleh Al Saleh, the DOF’s Director General, and Abdulla Mohammed Al Basit, who works as Secretary General of the Executive Council of Dubai.
This strategic collaboration plays a crucial role in the cashless strategy of Dubai. The development targets a transition of more than 90% of the financial transfers of the emirate to digital entities by the next year. In this respect, the government will allow the citizens to make payments for services by using crypto assets. Hence, the consumers will be able to utilize secure crypto wallets for fee payments for government services. As a result of this, Dubai is strengthening its position as a worldwide leading jurisdiction when it comes to financial innovation and transformation.
In this regard, Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, stated: “The Dubai Cashless Strategy aims to solidify the emirate’s position among the world’s leading digital cities, with a goal of conducting more than 90% of financial transactions across both the public and private sectors through cashless methods by 2026. The signing of this agreement with a globally renowned cryptocurrency platform marks a groundbreaking initiative, enabling government service users to pay all government fees through digital currencies—an unprecedented step in the global financial landscape. We are confident that this milestone will significantly accelerate the advancement of the Dubai Cashless Strategy.”
Driving Market Shift Toward Digital and Cashless Future of Economy
According to the Crypto.com, the crypto payment adoption in Dubai denotes a proactive approach to enhance economic stability in the region. It also reinforces that Dubai is eagerly embracing advanced technologies to cope with evolving economic requirements. Moreover, this initiative also highlights the wider shift toward digital and cashless economies.
President and COO of Crypto.com, Eric Anziani says “The Government of Dubai has been a true global visionary with its plans for a cashless society.”
