Dubai is partnering with the exchange Crypto.com to accept digital assets for government fees.
The emirate’s Department of Finance (DOF) signed the memorandum of understanding (MoU) with the crypto firm as part of its ongoing “cashless strategy.”
Dubai aims to conduct more than 90% of financial transactions across both the public and private sectors through cashless methods by next year.
When the agreement is finalized, individual and business customers of the emirate’s government entities will be able to pay service fees through Crypto.com’s digital wallets, per a new press release. Crypto.com will convert the crypto payments into Emirati dirhams and transfer them to DOF accounts.
Dubai has positioned itself as a crypto-friendly jurisdiction, with the emirate set to host Binance Blockchain Week in December.
Ahmad Ali Meftah, DOF’s executive director of the central accounts sector, says the Crypto.com partnership is part of the emirate’s efforts to evolve into a global hub for digital payments.
“We are actively developing an advanced regulatory framework that fosters innovation while ensuring the highest standards of security and efficiency in digital financial transactions. This enhances customer trust in Dubai Government services and unlocks new opportunities for economic growth. Through strategic partnerships, we remain dedicated to establishing a sustainable financial model that empowers individuals and businesses, cementing Dubai’s leadership in financial technology and keeping it at the forefront of global innovation and economic progress.”
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Dubai Government Announces Partnership With Crypto.com To Accept Payments in Digital Assets appeared first on The Daily Hodl.
Dubai is partnering with the exchange Crypto.com to accept digital assets for government fees. The emirate’s Department of Finance (DOF) signed the memorandum of understanding (MoU) with the crypto firm as part of its ongoing “cashless strategy.” Dubai aims to conduct more than 90% of financial transactions across both the public and private sectors through
The post Dubai Government Announces Partnership With Crypto.com To Accept Payments in Digital Assets appeared first on The Daily Hodl. Regulators, Crypto.com, dubai, News
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.