Fintech Dubai is advancing toward a cashless society by partnering with Crypto.com to enable digital asset payments for government services. The Department of Finance (DOF) has signed a memorandum of understanding with the global crypto exchange to modernize public sector transactions. This agreement allows individuals and businesses to use cryptocurrencies to settle government fees through Crypto.com’s digital wallet service.

The system will automatically convert digital assets into Emirati dirhams before depositing them into DOF accounts. This initiative supports Dubai’s goal to digitally process over 90% of financial transactions across public and private sectors by 2026. It highlights the city’s focus on financial innovation and regulatory efficiency.

Ahmad Ali Meftah of the DOF emphasized that the partnership aligns with Dubai’s mission to create a thriving digital economy. Integrating digital assets into public payment infrastructure will enhance trust and attract innovation-led businesses. Dubai has become a hub for crypto firms, hosting events like Binance Blockchain Week.

As regulators develop frameworks that balance innovation and oversight, Dubai aims to shape the global future of digital payments. Alex, a finance journalist and cryptocurrency enthusiast with over 8 years of experience, provides insights into the crypto, blockchain, and fintech industries, offering clear analysis of market developments and trends.