Dubai Finance (DOF) has signed a memorandum of understanding (MoU) with Crypto.com to enable cryptocurrency payments for government service fees.  

This initiative is part of Dubai’s strategy to establish a cashless society. 

The MoU was formalised in the presence of The Executive Council of Dubai Secretary General Abdulla Mohammed Al Basti and  Dubai Finance Director General Abdulrahman Saleh Al Saleh.  

The signing ceremony took place at the Dubai International Financial Centre during the Dubai FinTech Summit. 

The move is projected to contribute an AED8bn ($2.1bn) to Dubai’s economy each year, driven by the growth of fintech services and the expansion of the local fintech industry. 

Once technical arrangements are completed, users can pay government service fees via digital wallets from Crypto.com.  

These transactions will be converted to Emirati dirhams and transferred to the accounts of Dubai Finance. 

Al Basti said: “As a global leader in digital transformation, the emirate is further strengthening its position by deploying the latest secure financial technology solutions that support its cashless strategy, streamline government transactions, and foster innovation in financial services.  

“I extend my sincere appreciation to the Department of Finance for enabling new global partnerships that support the objectives of the Dubai Economic Agenda D33 and reinforce Dubai’s status as a global hub for innovation.” 

Crypto.com president and COO Eric Anziani stated: “The Government of Dubai has been a true global visionary with its plans for a cashless society.  

“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.” 

In December last year, Crypto.com secured a , which allows the company to issue cards directly on the Mastercard network.