Dubai government opens up opportunities for using cryptocurrency as payment for its services
Author: Kamomil Shumba | Edited by: Sheldon Rebeck May 13, 2025, 11:58 AM
Dubai has decided to allow the use of cryptocurrency to pay for government services under an agreement with crypto exchange Crypto.com, part of its plan to create a cashless society.
Once the technical aspects are finalized, the agreement will allow individuals and businesses to pay fees using Crypto.com digital wallets licensed by the emirate’s Virtual Assets Regulatory Authority (VARA). The platform will then convert those amounts into dirhams for settlement, according to a press release issued on Monday.
The agreement allows the government to “leverage financial technology to create a new digital payment channel on government digital platforms,” the release said. The cashless strategy is expected to add at least Dh8 billion ($2.2 billion) to the economy annually.
Dubai has been actively developing its crypto assets in recent years and aims to become the crypto hub of the Middle East. In March 2022, VARA was established, billed as the world’s first independent crypto regulator, which has licensed exchanges such as Binance and OKX. It also initiated a metaverse strategy with the goal of attracting 1,000 metaverse and blockchain companies by 2030.
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