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Dubai partners with Crypto.com to launch $22B crypto payment system

Dubai partners with Crypto.com to launch $22B crypto payment system

GrafaGrafa2025/05/14 00:40
By:Mahathir Bayena

Dubai Finance (DOF) has signed a Memorandum of Understanding with Crypto.com to enable cryptocurrency payments for government service fees, marking the first government-backed crypto payment channel globally.

The agreement was formalised on May 12, 2025, during the Dubai Fintech Summit and supports Dubai’s Cashless Strategy, which aims to shift 90 percent of public and private transactions to cashless methods by 2026.

Under the partnership, customers will be able to pay government fees through Crypto.com wallets, with cryptocurrencies converted into Emirati dirhams and securely transferred to DOF accounts.

His Excellency Abdulla Mohammed Al Basti, Secretary General of Dubai’s Executive Council, described the initiative as reflecting Dubai’s “proactive approach” to financial innovation.

DOF Director General Abdulrahman Saleh Al Saleh said the deal advances Dubai’s position as a digital payments leader and aligns with Sheikh Mohammed bin Rashid Al Maktoum’s economic vision.

Eric Anziani, President of Crypto.com, called Dubai’s strategy “visionary” and said the collaboration will deliver the first government-wide digital payment overhaul.

“We are excited to bring our capabilities and innovative thinking to catalyse this progress and we recognise the exceptional vision of Dubai’s leadership in shaping the future of economic growth with ambitious programmes such as these,” Anziani stated.

Anma Mohammed Lootah, Director of Digital Payment Systems Regulation, estimated the initiative could add AED 8 billion ($2.2 billion) annually to Dubai’s economy by accelerating fintech growth.

Technical preparations are ongoing, with the system expected to go live within the next year.

Ahmad Ali Meftah, DOF’s Central Accounts Sector Executive Director, highlighted efforts to develop a secure regulatory framework for digital transactions.

The move builds on Crypto.com’s 2023 licensing by Dubai’s Virtual Assets Regulatory Authority and reinforces the emirate’s regulatory leadership in the crypto sector.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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