Dubai is charging full speed ahead into the future, and cryptocurrency is along for the ride! In a groundbreaking move, the emirate has partnered with Crypto.com to enable crypto payments for government services, bringing its cashless society goals closer to reality.
Soon, individuals and businesses will be able to settle fees using their Crypto.com digital wallets. The platform will seamlessly convert those digital assets into dirhams for the government’s coffers. This embrace of financial technology is expected to unlock a new digital payment channel, injecting an estimated 8 billion dirhams ($2.2 billion) annually into Dubai’s vibrant economy.
Dubai has been strategically positioning itself as the Middle East’s crypto hub. The establishment of the Virtual Assets Regulatory Authority in March 2022, the world’s first independent crypto regulator, underscored this ambition. By attracting 1,000 metaverse and blockchain companies by 2030, Dubai is not just adapting to the future, it’s building it.
The Dubai government is already the first government-owned licensing entity in the UAE to accept cryptocurrency payments and it certainly won’t be the last.