Dubai Department of Finance (DOF) , the governmental entity responsible for budget and its execution has signed an MOU ( Memorandum of Understanding) with Global UAE regulation Crypto.com to allow crypto payments for governmental fees.
The Memorandum of Understanding was signed at the Dubai FinTech Summit in the presence of senior officials. Once the system is activated, individuals and businesses will be able to use Crypto.com’s digital wallet to pay for government services.
The platform will convert crypto payments into AED Fiat currency and securely transfer the funds to Dubai Finance accounts. As per the announcement the move supports the Dubai Cashless Strategy, which aims to boost the local economy and strengthen Dubai’s position as a global leader in financial innovation and digital transformation.
Just last week, Crypto.com and Emarat gas stations also signed an agreement to allow for crypto payments at gas stations in the UAE.
While Eric Trump noted that they would accept crypto for Trump Towers project in the UAE, as well as noting that the World Liberty Financial USD stablecoin (USD1) is the stablecoin that will be used for the UAE MGX Binance deal.
