Dubai Finance partners with Crypto.com to allow crypto payment for fees

The collaboration aims to accelerate the implementation of Dubai’s cashless strategy, which is designed to foster secure, efficient, and inclusive financial transactions through crypto, enabling the country to take steps towards a cashless, fully digital society. The strategy’s goal is to conduct more than 90% of financial transactions across the public and private sectors through cashless methods by 2026. The Government of Dubai’s mission is to leverage financial technology and launch a new digital payment channel on its own digital portals so that citizens can pay for government services more conveniently. Crypto payments for government fees Dubai Finance’s mission is to utilise the latest technology for Dubai’s goal to position itself as a significant global hub for digital payments. DOF believes that collaboration between the public and private sectors is crucial to driving transformation, and so, it is actively developing a regulatory framework that ensures industry standards of security and efficiency are met. This aims to improve customer trust in Dubai’s governmental services and establish a sustainable financial model that helps both individuals and businesses. The collaboration will enable government service users to pay all government fees through digital currencies. Once the necessary technical arrangements for the agreement’s activation are finalised, individuals and businesses will be able to pay service fees through Crypto.com’s digital wallets. The platform will securely convert these payments into AED and transfer them to Dubai Finance accounts. The Executive Council of Dubai noted that adopting secure crypto solutions within the government’s payment systems highlights the country’s mission to anticipate the future needs and demands of industry players, individuals, businesses, and the wider community, as well as respond to global economic and financial developments. Government entities remain committed to collaborating with each other and with financial service providers to accelerate the digital payment ecosystem in the country and develop optimised solutions that support the rapidly evolving digital economy. Crypto.com allows the delivery of a comprehensive and holistic government-wide implementation of payment digitalisation.