Dubai Government Will Accept Crypto in Bid to Become Cashless

Dubai’s authorities will settle for cryptocurrencies for funds, the finance division stated on Monday. 

After signing a memorandum of understanding with crypto trade Crypto.com, Dubai Finance, which manages the town’s funds, stated it might settle for digital belongings for presidency charges. It didn’t specify which digital cash and tokens it plans to simply accept.

Dubai is taken into account a crypto-friendly metropolis; the emirate final week hosted the Token2049 convention, and a lot of digital asset firms are primarily based there. 

The transfer was introduced on the Dubai Fintech Summit on Monday. His Excellency Abdulrahman Saleh Al Saleh, Director Normal of DOF, stated the transfer would assist Dubai grow to be cashless.

“As a world chief in digital transformation, the emirate is additional strengthening its place by deploying the most recent safe monetary know-how options that help its cashless technique, streamline authorities transactions, and foster innovation in monetary providers,” he stated in a press release.



Dubai Finance introduced a “cashless technique” marketing campaign final October, noting that 97% of all authorities funds are already digital. Crypto.com President and COO Eric Anziani added in a press release that Dubai was “a real world visionary.”

Decrypt sought clarification from Crypto.com on the kinds of authorities charges lined by the settlement, however didn’t instantly obtain a response.

In March, Crypto.com signed a non-binding settlement with President Donald Trump’s media firm Trump Media and Expertise Group to supply exchange-traded funds, together with ETFs primarily based on cryptocurrencies.

Edited by Andrew Hayward