- Key Points
- The memorandum of understanding between Dubai government officials and the President of Crypto.com UAE was signed on Monday.
- Once technical arrangements for the initiative are finalized, individuals and “business customers of government entities” will be able to pay service fees through digital wallets on Crypto.com.
Crypto.com logo displayed on a phone screen with the representation of cryptocurrencies.
Dubai’s Department of Finance announced a partnership with crypto platform Crypto.com to allow authorities to pay service expenses to be paid with cryptocurrencies.
The memorandum of expertise between Dubai authorities officers and Mohammed Al Hakim, president of Crypto.com UAE, turned into signed on Monday at the sidelines of the Dubai FinTech Summit.
In a press launch, authorities officers said that the partnership will help the “Dubai Cashless Strategy,” which pursuits to make Dubai a main digital city. The strategy objectives to reach 90% cashless transactions across Dubai’s public and private sectors by 2026.
Once technical arrangements for the initiative are finalized, individuals and “corporate customers of government entities” will be able to pay carrier prices through virtual wallets on Crypto.com.
“The platform will securely convert these bills into Emirati dirhams and switch them to Dubai Finance debts, ensuring a streamlined, secure, and modern payment framework,” Dubai Finance delivered.
Al Hakim of Crypto.com stated the initiative as a “surely international first program.” However, the declaration did not make clear what types of digital currencies the branch of finance might be given, or for which varieties of government costs are included in the settlement.
Crypto.com and Dubai Finance no longer respond to a request for comment from Expressepaper.
Crypto.com first acquired a license for its Dubai entity to offer regulated virtual asset provider sports in 2023. Last month, the employer said Dubai’s virtual asset regulatory body had additionally issued a restrained license to provide derivatives.
Dubai has been making a bet on the crypto industry for years as a part of its ambition to emerge as a global tech hub.