Dubai
Representative image. Olga Ozik/Pixabay

Dubai Finance (DOF) signed a Memorandum of Understanding (MoU) with Crypto.com, a global cryptocurrency platform, to allow the payment of government service fees using cryptocurrencies. This initiative is a major move toward advancing digital finance globally.

The agreement was signed by Ahmad Ali Meftah, Executive Director of DOF, and Mohammed Al Hakim, President of Crypto.com UAE, in the presence of Abdulla Mohammed Al Basti, Secretary-General of the Executive Council of Dubai, and Abdulrahman Saleh Al Saleh, Director-General of DOF.

The signing ceremony took place during the Dubai FinTech Summit at the Dubai International Financial Centre, marking a key development in Dubai's digital finance sector, WAM reported.

"Dubai continues to advance through coordinated efforts across government entities and key sectors to meet and exceed the expectations of individuals, businesses, and the wider community," Al Basti said.

"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 added.

Al Saleh expressed pride in Dubai Finance's role in advancing the Dubai Cashless Strategy and shaping a digital financial future. He emphasized the commitment to working with government entities and financial providers to improve the digital payment ecosystem and create innovative solutions for the growing digital economy.

Eric Anziani, President and COO of Crypto.com, praised the Dubai government for its forward-thinking plans toward a cashless society.

He expressed excitement about supporting the initiative and helping implement the first comprehensive government-wide digital payment system, recognizing Dubai's leadership in shaping economic growth with such ambitious programs.

Ali Meftah reiterated Dubai Finance's commitment to adopting advanced financial technologies, aiming to position Dubai as a global digital payments leader. He stressed the importance of public-private collaboration and developing a regulatory framework that fosters innovation while ensuring security and efficiency, ultimately driving economic growth and customer trust.

Al Hakim highlighted the announcement's significance in advancing digital finance integration into government payments. He expressed pride in partnering with Dubai Finance to support the D33 agenda and transform Dubai's economy through the Dubai Cashless Strategy.

Read more