Dubai government accepts crypto payments via Crypto.com

Dubai government accepts crypto payments via Crypto.com


The Dubai government has signed a declaration of intent with Crypto.com to enable the use of cryptocurrencies to pay state fees. The initiative is part of the Emirate's more comprehensive cashless strategy and enables private individuals and companies to make payments via the licensed platform from Crypto.com.

The agreement was formalized during the Dubai Fintech Summit by Ahmad Ali Meftah, executive director of the central account sector in the Ministry of Finance, and Mohammed al Hakeem, Head of Operations at Crypto.com. The platform is regulated by the Virtual Assets Regulatory Authority in Dubai.

“With his plans for a cashless society, Dubai was a real global visionary”

Eric Anziani, President and Coo of Crypto.com, said: “The government of Dubai was a real global visionary with its plans for a cashless society. We are proud to support Dubai's Ministry of Finance in the context of this initiative. Crypto.com enables the first comprehensive and holistic government -wide implementation of payment digitization. To promote innovative thinking and appreciate the extraordinary vision of the Dubais leadership role in the design of future economic growth with ambitious programs like this. “

The system enables users to pay in stable cryptocurrencies, which are then converted into Dirham and paid into Dubai Finance accounts. The introduction should begin as soon as the technical infrastructure is completed.

Abdulla Mohammed Al Basti, General Secretary of the Executive Council of Dubai, commented: “Dubai continues to develop and exceed the expectations of private individuals, companies and the entire society through coordinated efforts and key sectors. As a leading worldwide, the emirate is further strengthening its position by the latest secure Financial technology solutions that support its cashless strategy, rationalize government transactions and promote innovations in the financial service sector.

Up to 90, over 2026 percent of transactions are to be digitized in public and private sector.

The Dubai Cashless Strategy aims to switch up to 90 more than 2026 percent of the transactions in the public and private sector to digital formats. According to AMNA Mohammed Lotah, Director of Digital Payment Systems Regulation, “aims to consolidate the position of the Emirate among the world's leading digital cities. Cryptocurrency platform is a groundbreaking initiative that enables users to pay all government fees in digital currencies – an unprecedented step in the global financial landscape.

Abdulrahman Saleh Al Saleh, General Director of the Ministry of Finance, said: “We are very proud of the central role of Dubai Finance in promoting Dubai Cashless Strategy and the design of a unique digital financial future. Since we are at the top of a transformative financial revolution, we underline the importance of declaration Sound with the vision of his highness sheikh Mohammed bin Rashid al Maktoum, Vice President and Prime Minister of the VAE and rulers of Dubai, Dubais Global's reputation in digital payment transactions. Support developing digital economy. “

Ahmad Ali Meftah commented: “The cooperation between the public and private sector plays a crucial role in this change. We are actively developing a progressive regulatory framework that promotes innovations and at the same time ensures the highest level of security and efficiency standards for digital financial transactions. This strengthens customer trust in Dubai's services and opens up new opportunities for economic growth. for the development of a sustainable financial model that strengthens private individuals and companies, consolidates Dubai's leadership role in financial technology and keeps Dubai at global innovation and economic progress. ”

Mohammed al Hakim from Crypto.com added: “Today's announcement represents a significant progress for the introduction of digital finances with comprehensive integration into state payment transactions. As part of the ambitious D33 agenda, we look forward to working with Dubai Finance on a truly global program. Transform strategy and thus promote the future of sustainable economic diversification. “

The strategy is intended to bring in at least 8 billion AED annually through the expansion of digital financial services and the acceleration of the growth of the FinTech sector of the Dubais economy.



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Jayd Johnson