Dubai has taken another step toward embracing digital finance by signing an agreement with global crypto exchange Crypto.com to enable cryptocurrency payments for government services.
The partnership was formalized during the Dubai Fintech Summit on May 12 and aligns with the emirate’s broader push to become a fully cashless, digital economy.
“We are confident that this milestone will significantly accelerate the advancement of the Dubai Cashless Strategy,” said Amna Mohammed Lootah, director of digital payment systems regulation. While the DOF has not confirmed which cryptocurrencies will be accepted, it noted that users will be able to transact with “stable cryptocurrencies,” suggesting that stablecoins could play a central role.
The initiative falls under Dubai’s Cashless Strategy, which aims to make 90% of financial transactions across public and private sectors cashless by 2026.
The DOF estimates the transition to digital payments could add at least 8 billion dirhams (around $2.1 billion) to the local economy, largely through the growth of fintech services.
Dubai’s cashless strategy, first announced in October 2024, builds on an already strong digital foundation—97% of government payments in 2023 were conducted digitally.
This follows an April 28 announcement by three major Abu Dhabi institutions, including the Emirate’s sovereign wealth fund, of plans to launch a dirham-pegged stablecoin.
With the license, HashKey is authorized to offer Virtual Asset Exchange Services and Broker-Dealer Services within Dubai and to clients originating from the emirate. As reported, a state-backed investment firm in Abu Dhabi is set to make a $2 billion investment into crypto exchange Binance using USD1, a stablecoin developed by World Liberty Financial — a crypto venture closely tied to the Trump family.
On May 12, HashKey Group, a prominent digital asset financial services firm in the Asia-Pacific region, received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).
