Dubai to Integrate Cryptocurrencies for Government Service Payments

The Dubai Department of Finance (DOF) announced a partnership with the cryptocurrency exchange Crypto.com to accept digital assets as payment for government services.

The agreement was signed at the Dubai FinTech Summit as part of the UAE’s strategy to transition to cashless transactions: by 2026, 90% of transactions in the country are expected to be conducted digitally.

Users will be able to pay for services through the Crypto.com wallet. The platform will automatically convert digital assets into dirhams, which will be credited to DOF accounts. Authorities anticipate that the initiative will add up to 8 billion dirhams ($2.1 billion) annually to the local economy and bolster Dubai’s status as a fintech hub.

“This is the world’s first project of such scale that integrates digital assets with the public sector,” said Mohammed Al Hakim, head of Crypto.com’s UAE division.

Back in March, UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan and Donald Trump’s special advisor on AI and cryptocurrencies, David Sacks, discussed the development of digital assets and artificial intelligence.