Dubai's authorities will settle for cryptocurrencies for funds, the finance division mentioned on Monday.
After signing a memorandum of understanding with crypto alternate Crypto.com, Dubai Finance, which manages the town's finances, mentioned it might settle for digital belongings for presidency charges. It didn’t specify which digital cash and tokens it plans to just accept.
Dubai is taken into account a crypto-friendly metropolis; the emirate final week hosted the Token2049 convention, and quite a few digital asset corporations are primarily based there.
Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with https://t.co/HZnta4pnXb, a globally recognised cryptocurrency buying and selling platform, to allow the cost of presidency service charges utilizing cryptocurrencies—an initiative that marks a major step in advancing… pic.twitter.com/iOh7kOz50p
— Dubai Media Workplace (@DXBMediaOffice) Could 12, 2025
The transfer was introduced on the Dubai Fintech Summit on Monday. His Excellency Abdulrahman Saleh Al Saleh, Director Common of DOF, mentioned the transfer would assist Dubai change into cashless.
"As a world chief in digital transformation, the emirate is additional strengthening its place by deploying the newest safe monetary know-how options that help its cashless technique, streamline authorities transactions, and foster innovation in monetary providers," he mentioned in a press release.
Dubai Finance introduced a "cashless technique" marketing campaign final October, noting that 97% of all authorities funds are already digital. Crypto.com President and COO Eric Anziani added in a press release that Dubai was "a real world visionary."
Decrypt sought clarification from Crypto.com on the kinds of authorities charges lined by the settlement, however didn’t instantly obtain a response.
In March, Crypto.com signed a non-binding settlement with President Donald Trump's media firm Trump Media and Know-how Group to supply exchange-traded funds, together with ETFs primarily based on cryptocurrencies.
Edited by Andrew Hayward
