Dubai - Mubasher: Dubai Finance announced the signing of a memorandum of understanding (MoU) with Crypto.com, a leading global cryptocurrency exchange, to pave the way for Dubai government service fees to be paid using cryptocurrencies, a first-of-its-kind move globally.

The MoU was signed on Monday in the presence of Abdullah Mohammed Al Basti, Secretary General of the Executive Council of Dubai, and Abdulrahman Saleh Al Saleh, Director General of the Dubai Department of Finance. It was signed by Ahmed Ali Muftah, Executive Director of Central Accounts at the Dubai Department of Finance, and Mohammed Al Hakeem, Head of Crypto.com in the UAE, which is licensed by the Dubai Virtual Assets Regulatory Authority. The MoU was signed on the sidelines of the Dubai Finance and Crypto.com’s participation in the Dubai FinTech Summit, which kicked off today at the Dubai International Financial Centre. The summit represents a pivotal step in driving Dubai’s digital financial landscape towards the future, according to Al Bayan website.

The memorandum aims to support the implementation of Dubai's cashless strategy and the transition to a cashless digital society. The Dubai government intends to use financial technology to provide a new digital payment channel on Dubai's digital portals, enabling payments for government services via stable cryptocurrencies in a secure and innovative manner.

Abdullah Mohammed Al Basti, Secretary General of the Executive Council of Dubai, emphasized that adopting innovative solutions to keep pace with global economic and financial transformations in Dubai's government services is a solid approach to anticipating and proactively meeting future needs. This is also evident in enabling the use of secure cryptocurrencies in the government payment system.

On this occasion, Abdulrahman Saleh Al Saleh expressed his pride in the vital role Dubai Finance plays in implementing the Dubai Cashless Strategy, and its commitment to being the driving force behind the strategy's success and achieving a unique digital financial future. He emphasized the importance of the MoU signed with Crypto.com in accelerating the achievement of this strategy's objectives.

For his part, Eric Anziani, President and Chief Operating Officer of Crypto.com, said that the Dubai government has always had a strong global vision in its plans to build a cashless society. He expressed his pride in the company's collaboration with Dubai Finance in supporting the Dubai Cashless Strategy, which he confirmed achieves the first comprehensive and integrated application of digitizing payments across the government through cryptocurrencies.

He added, "We are excited to leverage our capabilities and innovative ideas to drive this progress, recognizing the exceptional vision of Dubai's leadership and its ability to shape the future of economic growth through such ambitious programs."

Dubai Finance is committed to adopting the latest financial technologies, reflecting the emirate's ambitious vision to become a global hub for digital payments, as Ahmed Ali Muftah emphasized, noting that collaboration between the public and private sectors "plays a vital role in achieving this transformation."

He added: "We are working to develop an advanced regulatory environment that supports innovation and ensures the highest levels of security and efficiency in digital financial transactions. This will enhance customer confidence in the Dubai government and create new opportunities for economic growth. We will continue our efforts, through strategic partnerships, to establish a sustainable financial model that supports individuals and institutions and enables Dubai to lead the future of financial technology globally, so that the emirate remains at the forefront of innovation and economic progress."