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Dubai’s finance department signs MOU with Crypto.com to enable crypto payments for government services The Department of Finance of Dubai city has signed a Memorandum of Understanding (MOU) with Crypto.com to introduce cryptocurrency as a payment method for government services. Signed during the Dubai FinTech Summit, the MOU supports the United Arab Emirates' cashless roadmap, which aims to shift 90% of public and private financial transactions to cashless methods by 2026. This partnership allows residents and businesses to pay for government services using stable cryptocurrencies through Crypto.com's digital wallet, with funds converted to AED. The initiative aligns with Dubai's Cashless Strategy to advance digital payments. Under the agreement, Crypto.com will facilitate cryptocurrency payments through its digital wallets, converting the funds into Emirati dirhams and transferring the money to DOF accounts, according to a May 12 press statement. The announcement didn't specify what cryptocurrencies would be supported. Mohammed Al Hakim, President of Crypto.com UAE, said the MOU marked a significant step toward bridging digital finance and government operations through a “truly global first programme.” Furthermore, officials anticipate the move will solidify Dubai’s “position among the world’s leading digital cities” and contribute an estimated AED 8 billion ($2.1 billion) annually to the local economy. Partnership with Dubai’s DOF could expand Crypto.com’s Emirati presence. In April, the crypto exchange obtained a limited license from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer derivatives trading in the UAE. The firm was previously approved to offer digital asset services in November 2023. Other crypto platforms, such as Binance and OKX, also received regulatory nods from VARA as Dubai worked to establish itself as a global digital asset hotspot.

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Bitcoin Whales Load Up 83K BTC as Retail Sells Off: $110K Price Target in Sight?

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Adams’ History With Crypto Eric Adams has long been a supporter of crypto assets, describing himself as crypto-friendly even before assuming office as New York mayor. Adams recalled converting his first three paychecks into Bitcoin and Ethereum, and people laughed at him for making such a move. “All I can say is, who’s laughing now?” he quizzed, adding. “We’re seeing how this industry is growing, and since then, the number of crypto and blockchain startups that have made New York City home has skyrocketed.” The New York mayor, however, believes that while the crypto industry views mass adoption as inevitable, balanced regulation is needed that is strong enough to protect investors but not so stringent that it impedes innovation and growth. “Our state should embrace the crypto and blockchain-friendly environment we have in New York City,” he quipped. “The right regulations can provide safety, but overregulation could hurt the industry — and we don’t want that.” Meanwhile, Adams is currently running for reelection in the 2025 mayoral election. #Write2Earn #CryptoSeKamao

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Mayor Eric Adams Pledges To Make New York The ‘Crypto Capital Of The Globe’ New York Mayor Eric Adams is set to host the City’s first Crypto Summit next week to discuss mutual benefits between the city and the crypto industry. “This is the Empire State,” Adams said at a press conference at Gracie Mansion on Monday. “We should be looking forward to building empires, particularly in the crypto space.” Can New York Become The “Crypto Capital” Of The World? New York Mayor Eric Adams announced that he’s hosting the city’s first-ever official crypto summit next week, which he said will bring together public officials and crypto industry innovators. In an April press release announcing the event, Adam’s office described the summit as “coming on the heels of the White House Digital Asset Summit in March.” “We’re going to attract world-class talent, provide opportunities for underbanked communities, and make government more user-friendly,” Adams postulated. “We are focused on the long-term values of these technologies for our city and its people, not chasing memes or trends.” Specifically, the New York mayor mentioned the positive impact of crypto and blockchain on the city’s underbanked population, who have historically faced obstacles to traditional means of saving resources. Adams then reaffirmed his goal of making New York City a crypto hub, saying at the press briefing that he would work with tech and crypto companies and create a friendly environment to help them succeed in the city. “My goal remains the same as it was on day one as mayor: making New York City the crypto capital of the globe,” Adams asserted. His statements echo similar promises from President Donald Trump, who has often said he wants to make the U.S. the “crypto capital of the planet.”

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Dominari Holding's Strategic Interest in Bitcoin Mining Set to Go Public Upon closing, which is expected to occur in the third quarter of this year, the company will operate under the American Bitcoin brand, led by the management and current board of directors of American Bitcoin. American Bitcoin is expected to trade on Nasdaq under the ticker symbol "ABTC." American Bitcoin was launched earlier this year, in partnership with Eric Trump, who will remain an advisor and chief strategy officer, with the goal of building the world's largest, most efficient pure-play Bitcoin miner alongside a robust strategic Bitcoin reserve. American Bitcoin is purpose-built to enable Bitcoin accumulation at scale through low-cost Bitcoin mining and other complementary strategies. "As an early investor in American Bitcoin, we are proud to support its journey toward becoming a public market leader," said Kyle Wool, President of Dominari Holdings Inc. "This merger marks a significant milestone not only for American Bitcoin, but also for Dominari. American Bitcoin was formed as a joint venture between American Data Centers, an independent company that we created a few short months ago, and Hut 8. From the outset, we recognized its potential to become a formidable force in the digital asset mining sector. The merger between American Bitcoin and Gryphon Digital Mining validates that vision and highlights the strength of our broader strategy and business model. We believe the combined company is exceptionally well-positioned to capitalize on structural tailwinds in Bitcoin mining and digital infrastructure, and we look forward to supporting its continued growth as a strategic partner. For Dominari shareholders, this is notable value creation."

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