The cryptocurrency industry is growing without a stop. While the ecosystem has been expanding across the globe, it seems to be making a unique stop at Dubai. Latest reports reveal that the government of Dubai has partnered with prominent cryptocurrency exchange Crypto.com. Through this collaboration, the region intends to roll out crypto payments for government services.
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Dubai Dives Into Crypto Waters
During a recent Dubai fintech Summit, the government of Dubai signed a Memorandum of Understanding (MoU) with Crypto.com. This agreement was inked on May 12, 2025. It should be noted that Dubai has emerged as the first government to adopt a system of this kind.
The latest collaboration is in line with the Dubai Cashless Strategy. Through this, the region seeks to switch to cashless transactions for 90% of transactions in the public and private sectors by 2026. Consumers will soon be able to pay fees using Crypto.com wallets. After converting it to Emirati dirhams, these wallets will securely send cryptocurrency to Department of Finance (DOF) accounts. Amna Mohammed Lootah, director of digital payment systems regulation, elaborated on the latest partnership and said,
“We are confident that this milestone will significantly accelerate the advancement of the Dubai Cashless Strategy.”
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Which Cryptocurrency Will Make The Cut?
The DOF did not reveal which cryptocurrency it will begin to accept. But it did state that “stable cryptocurrencies” may be used to make the payments. This may mean stablecoins could be accepted.
Dubai’s latest move is certainly a game-changer. The region’s increased interest in the industry could also boost the value and popularity of the cryptocurrency ecosystem. In addition, Dubai is leading the cryptocurrency race and is ahead of several others.
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