Dubai‘s government will accept cryptocurrencies for payments, the finance department said on Monday.
After signing a memorandum of understanding with crypto exchange Crypto.com, Dubai Finance, which manages the city‘s budget, said it would accept digital assets for government fees. It did not specify which digital coins and tokens it plans to accept.
Dubai is considered a crypto-friendly city; the emirate last week hosted the Token2049 conference, and a number of digital asset companies are based there.
The move was announced at the Dubai Fintech Summit on Monday. His Excellency Abdulrahman Saleh Al Saleh, Director General of DOF, said the move would help Dubai become cashless.
"As a global leader in digital transformation, the emirate is further strengthening its position by deploying the latest secure financial technology solutions that support its cashless strategy, streamline government transactions, and foster innovation in financial services," he said in a statement.
Dubai Finance announced a "cashless strategy" campaign last October, noting that 97 of all government payments are already digital. Crypto.com President and COO Eric Anziani added in a statement that Dubai was "a true global visionary."
Decrypt sought clarification from Crypto.com on the types of government fees covered by the agreement, but did not immediately receive a response.
In March, Crypto.com signed a non-binding agreement with President Donald Trump‘s media company Trump Media and Technology Group to offer exchange-traded funds, including ETFs based on cryptocurrencies.
Edited by Andrew Hayward
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