Dubai’s Department of Finance (DOF) is poised to become the world’s first government body to implement widespread crypto payments for public services. The announcement, made at the Dubai FinTech Summit, comes on the heels of a memorandum of understanding (MoU) between the DOF and Crypto.com, a licensed digital asset platform under the emirate’s Virtual Assets Regulatory Authority (VARA).
Once operational, the initiative will enable residents and businesses to pay government fees via Crypto.com’s wallet, with the platform instantly converting the payment into Emirati dirhams before transferring it to the DOF. This ensures stability through the use of stablecoins—cryptocurrencies pegged to fiat currencies—and supports regulatory oversightin an ecosystem often criticized for volatility.
“This is more than a payment method,” said Ahmad Ali Meftah, Executive Director of Central Accounts at DOF. “It’s about building a sustainable digital financial model for the future.”
The Cashless Vision: Building a Digital Economy
The move is part of the emirate’s broader Dubai Cashless Strategy, which falls under the Dubai Economic Agenda D33, aiming to make 90% of all public and private sector transactions cashless by 2026. Officials project that the initiative could add AED 8 billion (USD 2.18 billion) annually to Dubai’s economy by increasing efficiency, trust, and innovation.
This integration signifies a fundamental shift in how governments perceive and utilize blockchain technology—not just as a speculative asset class but as a transactional infrastructure with public service utility. It reflects Dubai’s commitment to technological foresight, user convenience, and financial inclusivity, providing businesses and individuals with secure, modern alternatives for fee payments.
By institutionalizing crypto usage, Dubai aims to legitimize and normalize digital assets for everyday transactions, something no other government has implemented at this scale.
Governance, Trust, and Global Influence
The initiative enjoys full backing from top Dubai officials. Present at the signing were Abdulla Al Basti, Secretary General of The Executive Council of Dubai, and Abdulrahman Al Saleh, Director General of DOF, both of whom emphasized Dubai’s “proactive” role in adapting to global financial shifts.
For Crypto.com, this marks a defining moment. Licensed by VARA, the company will serve as technical facilitator, ensuring user trust, seamless conversion mechanisms, and compliance with existing financial regulations.
“This is not a sandbox experiment or a pilot—it’s a full-fledged, government-wide rollout,” said Mohammed Al Hakim, President of Crypto.com UAE.
Dubai’s strategic use of stablecoins serves as a safeguard against market fluctuations, allowing the benefits of crypto to be harnessed without the risks of volatility. More importantly, it could act as a blueprint for other nations exploring crypto integration within public infrastructure.