The development was announced at the sidelines of the ongoing Dubai FinTech Summit.
Dubai established a regulatory body to oversee the Web3 industry in 2022
Photo Credit: Pixabay/ Danor Aharon
Dubai's Department of Finance (DOF) plans to use cryptocurrencies to process payments for government services in the emirate. In the days to come, residents of Dubai will be able to pay for government services using cryptocurrencies. On Tuesday, May 13, the DOF announced a partnership with Crypto.com, onboarding it as the crypto payment facilitator. Dubai authorities see the move as a significant step towards advancing its digital finance capabilities.
Senior members from the DOF were present during the signing of the MoU with Crypto.com. The development was announced at the sidelines of the ongoing Dubai FinTech Summit. In its announcement, the DOF said Dubai was transitioning into a fully digital economy. The regulators there view cryptocurrencies as a secure and efficient way to complete financial settlements.
“Collaboration between the public and private sectors plays a vital role. Through strategic partnerships, we remain dedicated to establishing a sustainable financial model that empowers individuals and businesses, cementing Dubai's leadership in financial technology,” said Ahmad Ali Meftah, executive director of the Central Accounts Sector at DOF.
The move aligns with the Dubai Cashless Strategy announced last year, wherein Dubai aims to digitise 90 percent of all transactions. The initiative is expected to add at least AED eight billion (roughly Rs. 18,582 crore) to the economy annually.
“The emirate is 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,” said Abdulla Mohammed Al Basti, secretary general of the executive council of Dubai.
Dubai established a regulatory body, called the Virtual Assets Regulatory Authority (VARA), to oversee the Web3 industry back in March 2022. Owing to the legal clarity around Web3 in Dubai, several crypto firms have flocked to the region to expand their businesses.
Crypto.com, the Singapore-headquartered crypto exchange, for instance, announced its Dubai office in 2022. Now, as part of its deal with the DOF, the exchange plans to deliver the “first comprehensive and holistic government-wide implementation of payment digitisation”.
“We are proud to be selected to support Dubai's Department of Finance as part of this initiative,” said Eric Anziani, president and COO of Crypto.com.
This, however, is not the first initiative in the UAE that aims to bridge the gap between Web3 and traditional finance.
In February, UAE's Ministry of Energy and Infrastructure (MoEI) signed an MoU with Shiba Inu to deploy the ShibOS operating system for government activities across the UAE.
Dubai also plans to continue exploring contactless technologies like cryptocurrencies, as well as AI-based solutions.
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