In a landmark move toward becoming a cashless economy, the Government of Dubai has signed an agreement with global cryptocurrency exchange Crypto.com to enable crypto payments for government services. The deal was finalized during the Dubai Fintech Summit on May 12, as part of the city’s broader Cashless Strategy aimed at fostering a fully digital society.
According to a statement from the Dubai Department of Finance (DOF), individuals and businesses will soon be able to pay government service fees using cryptocurrencies via Crypto.com’s digital wallet. These payments will be automatically converted into UAE dirhams and transferred to DOF accounts. While specific cryptocurrencies were not named, the DOF noted that “stable cryptocurrencies” would be accepted, suggesting stablecoins like USDT or USDC may be used.
Amna Mohammed Lootah, director of digital payment systems regulation, stated that by 2026, 90% of all financial transactions in Dubai’s public and private sectors are expected to be cashless. “We are confident that this milestone will significantly accelerate the advancement of the Dubai Cashless Strategy,” she said.
Dubai’s cashless initiative, first announced in October 2024, builds on strong existing adoption, with 97% of government payments already processed digitally in 2023. The strategy is projected to contribute over 8 billion dirhams ($2.1 billion) to the local economy through fintech expansion and digital transformation.
Ahmad Ali Meftah, executive director of the central accounts sector at DOF, emphasized that a secure and innovation-driven regulatory framework is being developed to support this shift.
The emirate has been positioning itself as a crypto-friendly hub, having recently hosted the Token2049 crypto event in April. In March, Dubai also launched a pilot project to tokenize real estate assets on the blockchain.
Globally, other governments are exploring similar pathways. In April, a New York state legislator introduced a bill to allow crypto payments for public services, signaling a growing international trend toward digital financial systems.
