Dubai and Crypto.com Collaborate to Enhance Cashless Transactions
- Partnership supports the Dubai Cashless Strategy by enabling secure, efficient, and inclusive financial transactions through cryptocurrencies.
- Initiative strengthens Dubai’s position as a global hub for financial innovation.
- Signing took place at the Dubai FinTech Summit.
Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with Crypto.com, a globally recognized cryptocurrency trading platform, to enable the payment of government service fees using cryptocurrencies. This initiative marks a significant step in advancing digital finance on a global scale.
The MoU was signed in the presence of:
- His Excellency Abdulla Mohammed Al Basti, Secretary General of The Executive Council of Dubai
- His Excellency Abdulrahman Saleh Al Saleh, Director General of DOF
The agreement was formalized by:
- Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at DOF
- Mohammed Al Hakim, President of Crypto.com UAE
The signing occurred at the Dubai FinTech Summit, representing a crucial advancement in Dubai’s digital finance landscape.
Supporting the Dubai Cashless Strategy
This partnership supports the Dubai Cashless Strategy by enabling secure, efficient, and inclusive financial transactions through cryptocurrencies. It paves the way for Dubai’s transition to a fully digital, cashless society, empowering the government to introduce a new digital payment channel across its official platforms. The initiative aims to enable seamless and secure payments for government services using stable cryptocurrencies, thereby enhancing Dubai’s position as a global hub for financial innovation.
Quotes from Key Officials
His Excellency Abdulla Mohammed Al Basti: “Adopting secure cryptocurrency solutions within the Government of Dubai’s payment system reflects a proactive approach to anticipating future needs and responding to global economic and financial developments.”
His Excellency Abdulrahman Saleh Al Saleh: “We take great pride in Dubai Finance’s role in driving the Dubai Cashless Strategy and shaping a distinctive digital financial future.”
Eric Anziani, President and COO of Crypto.com: “We are proud to support Dubai’s Department of Finance as part of this cashless initiative, enabling the delivery of comprehensive government payment digitization.”
Implementation and Impact
Ahmad Ali Meftah reaffirmed Dubai Finance’s commitment to embracing the latest financial technologies, highlighting the vital role of public-private collaboration in driving this transformation. He stated that:
“We are actively developing an advanced regulatory framework that fosters innovation while ensuring the highest standards of security and efficiency in digital financial transactions.”
The Dubai Cashless Strategy aims to conduct over 90% of financial transactions in both public and private sectors through cashless methods by 2026. This groundbreaking initiative allows government service users to pay all fees via digital currencies, significantly accelerating the advancement of the Dubai Cashless Strategy.
Expected Economic Impact
The Dubai Cashless Strategy is projected to drive economic growth by adding at least AED8 billion annually, fueled by innovative financial technology services and the expansion of Dubai’s fintech sector. Once the technical arrangements are finalized, customers will be able to pay service fees seamlessly through Crypto.com’s digital wallets.
Conclusion: This collaboration between Dubai Finance and Crypto.com marks a pioneering step towards a cashless future, setting a global standard in the use of cryptocurrencies for government transactions.
