The Crypto.com logo is displayed on a telephone screen with display of cryptocurrencies.
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The Dubai Ministry of Finance announced a partnership with the Crypto.com Crypto platform, with which the state employee fees can be paid for with LARGE CAP cryptocurrencies.
The Memorandum of Understanding between Dubai government officials and Mohammed Al Hakim, President of Crypto.com VAE, was signed on Monday on the edge of the Dubai Fintech summit.
As soon as the technical agreements for the initiative have been concluded, individuals and “companies customers of government companies” can pay service fees via digital wallets on Crypto.com, according to Dubai Finance.
“The platform will safely convert these payments into Emirati Dirham and transfer them to Dubai finance accounts to ensure an optimized, safe and innovative payment framework,” she added.
In a statement to CNBC, a spokesman for Crypto.com added that the agreement would enable everyone within Dubai to pay for the government services provided by the government, including parking, with large crypto capacity values with a large market.
Dubai Finance did not immediately answer a request for a comment from CNBC.
In a press release, government officials said that the partnership would contribute to reaching the “Cashless strategy of Dubai” with which Dubai is to be determined as the leading digital city. The strategy aims to reach 90% cashless transactions in Dubai's public and private sector by 2026.
Al Hakim from Crypto.com described the initiative as the “really global first program”.
Crypto.com received a license for his Dubai company for the first time to offer regulated activities for virtual wealth services in 2023. Last month, the company said that Dubais Virtual Asset Regulatory Authority also granted a limited license to offer from derivatives.
Dubai has been relating to the crypto industry for years as part of its goal of becoming a global technology center.
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