Dubai’s innovative move to accept crypto payments for public services
On 12 May 2025, during the Dubai Fintech Summit, the Dubai Department of Finance (DOF) and Crypto.com officially signed an agreement to enable crypto payments for government services.
Overview of the Dubai’s revolutionary agreement
Dubai government officials and Mohammed Al-Hakim, President of Crypto.com UAE, signed a memorandum of understanding. This agreement involves the Dubai Department of Finance, Crypto.com, and Dubai’s fintech ecosystem to introduce a new digital payment method for government services.
Residents and businesses will be able to use Crypto.com’s digital wallets to pay for government services. The crypto assets will be instantly converted into UAE dirhams, ensuring seamless fund transfers to the Department of Finance’s accounts.
The press release stated, “The platform will securely convert these payments into Emirati dirhams and transfer them to Dubai Finance accounts, ensuring a streamlined, secure, and innovative payment framework.”
Focus on stable cryptocurrencies
The Department of Finance (DOF) has not yet disclosed which cryptocurrencies will be accepted initially but has hinted at “stable cryptocurrencies,” likely referring to stablecoins. This choice aims to reduce the volatility associated with many digital assets.
This collaboration is one of the initiatives of Dubai’s overall cashless strategy, which was introduced in October 2024 and targets 90 percent of all financial transactions to be cashless by 2026. As of the end of 2023, 97 percent of government payments were already digital. This deal solidifies Dubai’s role as a financial technology leader.
Amna Mohammed Lootah, Director of Regulation of Digital Payment Systems, said, “The signing of this contract with a world-famous cryptocurrency platform is a historic move, allowing users of government services to pay all government charges in digital currencies—a never-seen-before step in the global financial scene.”
The role of Crypto.com in Dubai
Crypto.com was first licensed in Dubai in 2023 to offer regulated virtual asset services. Since then, it has steadily expanded, even obtaining a limited licence to offer crypto derivatives recently.
With its global reputation and solid regulatory standing, Crypto.com was a natural choice to spearhead this next evolution in digital payments. Just weeks before this announcement, three major institutions in Abu Dhabi, including a sovereign wealth fund, unveiled plans for a dirham-pegged stablecoin. It’s becoming clearer that the UAE sees stablecoins as a key pillar in its financial future.
The DOF estimates that this strategy could add at least 8 billion dirhams ($2.1 billion) to Dubai’s economy. The Dubai International Financial Centre (DIFC) reported a 37 percent increase in revenue to AED 1.78 billion ($484.52 million USD) in 2024, with operating profits rising 55 percent to AED 1.33 billion ($362.03 million USD). This growth is attributed to the influx of fintech firms and investment in emerging technologies.
Other crypto-friendly moves by Dubai
On 19 March, Dubai launched a pilot scheme to tokenise real estate assets on the blockchain, with the goal of supporting fractional ownership and efficient transfer. The initiative, under the Real Estate Evolution Space (REES) programme, applies blockchain technology to digitalise property title deeds and generate digital tokens that symbolise fractions of properties.
Token2049 Dubai, which was conducted from 30 April 2025 to 1 May 2025, exemplifies the increasing reputation of Dubai as a leader in the blockchain and crypto industry. The event, which hosted more than 15,000 participants across multiple industries, demonstrated the emirate’s ambition to emerge as an international hub for crypto innovation.
Global context of crypto adoption
In March 2025, Crypto.com partnered with Trump Media & Technology Group to launch a series of “Made in America” exchange-traded funds (ETFs) focused on digital assets and American industries. Crypto.com will provide technology, custody, and cryptocurrency supply for these ETFs. These ETFs are expected to hold both digital assets and securities representing American industries.
