This innovation is indeed possible thanks to the new Memorandum of Understanding (MoU) signed between Dubai Finance (DOF) and Crypto.com, a leading platform in the world of cryptocurrency trading. The agreement represents a decisive step towards an advanced digital society, in line with the Dubai Cashless Strategy.

Dubai Finance and Crypto.com: a strategic partnership

The agreement between DOF and Crypto.com was signed in a top-level context, during the Dubai FinTech Summit, organized at the Dubai International Financial Centre. This event brings together the main global players in financial innovation, offering the ideal setting to launch revolutionary initiatives like this one.

The collaboration between DOF and Crypto.com aims to make it possible to pay government service fees through cryptocurrencies, especially through stablecoin, which are digital currencies pegged to stable assets to minimize volatility. Consequently, citizens and businesses will be able to benefit from a new payment channel that is faster, safer, and more transparent, usable directly on the official platforms of the Dubai government.

The agreement concretely supports the Dubai Cashless Strategy, an ambitious plan that promotes cashless, yet digital and secure transactions, in line with the vision of a smart city. The adoption of cryptocurrencies to pay for public services is part of this global transformation project.

Using cryptocurrencies in public administration boasts several advantages: it eliminates manual practices, reduces processing times, increases the traceability of operations, and lowers transaction costs. Furthermore, it makes the payment of public services more accessible for those using advanced digital tools, strengthening inclusivity and simplicity.

Financial innovation and security in transactions

The institutions of Dubai have emphasized how this initiative responds to a proactive strategy to adopt cutting-edge solutions, dedicated to ensuring the highest security of digital transactions. Crypto.com, thanks to its international experience and wide user base, represents a reliable partner to enable the efficient and secure management of payments with cryptocurrencies.