Dubai Government Opens Door to Accepting Crypto for Service Fees

Dubai agreed to allow cryptocurrency payments for government services in a deal with crypto exchange Crypto.com , taking a step toward implementing its plan for a cashless society. Once technical details are complete, the agreement will allow individuals and businesses to pay fees using digital wallets from Crypto.com , which is licensed by the emirate’s Virtual Assets Regulatory Authority (VARA). The platform will then convert the amounts into dirhams for payment, according to a Monday press release . The agreement allows the government “to harness financial technology in launching a new digital payment channel on the government’s digital portals,” it said in the release. The cashless strategy is expected to add at least 8 billion dirhams ($2.2 billion) annually to the economy. Dubai has been building its crypto credentials for several years and sees itself as a Middle East crypto hub . In March 2022, it established VARA, calling it the world’s first independent crypto regulator, and has awarded licenses to exchanges including Binance and OKX. It also initiated a metaverse strategy aiming to attract 1,000 metaverse and blockchain companies by 2030.

Source: CoinDesk