Dubai is once again making headlines in the digital finance world—this time by teaming up with Crypto.com to enable cryptocurrency payments for government services. The announcement, made during the Dubai Fintech Summit on May 12, is part of the emirate’s ambitious Cashless Dubai Strategy, which aims to digitize nearly all financial transactions by 2026.
The Dubai Department of Finance (DOF) confirmed the agreement and emphasized that the partnership is designed to integrate a new digital payment gateway into its existing service infrastructure. Through Crypto.com’s platform, both residents and businesses will soon be able to settle fees for public services using cryptocurrencies. Once a user makes a crypto payment, it will be seamlessly converted into dirhams—the local currency—and transferred to the government’s accounts.
Amna Mohammed Lootah, director of digital payment systems regulation at the DOF, expressed optimism about what this means for the city’s digital ambitions. “We believe this development will significantly contribute to the realization of Dubai’s Cashless Strategy,” she said. “The ability to offer government services through digital currency payments positions Dubai as a pioneer in embracing financial innovation.”
While the department hasn’t disclosed the specific cryptocurrencies that will be supported initially, the reference to “stable cryptocurrencies” in their statement suggests that stablecoins—crypto assets pegged to traditional fiat currencies—will likely be part of the rollout. This aligns with recent developments in the UAE’s capital, where several major Abu Dhabi financial institutions revealed plans to launch a stablecoin backed by the dirham.
Dubai’s commitment to becoming a cashless society isn’t just futuristic hype. The city already has a strong digital foundation in place. In 2023, 97% of all government-related payments were conducted electronically, according to the DOF. The Cashless Dubai Strategy, launched in October 2024, builds on that momentum by seeking to reduce the city’s reliance on physical cash and promote technological adoption in both the public and private sectors.
Economically, the initiative is expected to be a boon. Analysts predict it could inject at least 8 billion dirhams (approximately $2.1 billion) into the economy, largely due to growth in the fintech sector and increased efficiency in financial services.
Ahmad Ali Meftah, executive director of the central accounts sector at the DOF, emphasized that innovation will not come at the cost of security. “We are working hard on crafting a regulatory framework that both encourages technological advancement and ensures the highest levels of efficiency and safety in all digital financial transactions,” he stated.
This move reinforces Dubai’s growing reputation as a crypto-friendly hub. Earlier this year, the city hosted the Dubai edition of Token2049—a premier global Web3 conference—showcasing its growing importance in the blockchain space.
And this isn’t Dubai’s only blockchain-related endeavor. In March, the government began a pilot program to tokenize real estate assets, potentially revolutionizing how property ownership and transactions are recorded. Tokenization could streamline and secure real estate processes while attracting more international investment into Dubai’s property sector.
As governments around the world cautiously explore digital currency integration, Dubai is charging ahead with clear intent and a structured roadmap. Other jurisdictions are taking note; for instance, a New York legislator recently introduced a bill that would allow state agencies to accept crypto payments—a concept Dubai is already putting into action.
With this partnership between Dubai’s government and Crypto.com, the city is setting a new benchmark in digital governance. If successful, this could pave the way for broader adoption of cryptocurrency in public finance globally.
