Русский
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.
The Dubai government has also signed a Memorandum of Understanding (MOU) with crypto exchange Crypto.com. The agreement is part of the United Arab Emirates’ cashless roadmap, which aims to shift 90% of public and private financial transactions to cashless methods by 2026. Specifically, Dubai’s MoU with Crypto.com will allow individuals and businesses to use cryptocurrency as a payment method for government services. Specifically, users can use their Crypto.com wallets to pay for services with digital assets that the platform will then convert into dirhams for payment.
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.
Crypto.com received its license to offer regulated virtual asset services in Dubai in 2023 and has been expanding its operations since. In April 2024, the company announced it had secured a limited license to offer crypto derivatives, following approval from VARA. These developments reflect the governments continued support for licensed crypto firms and its commitment to a regulated digital finance ecosystem.
Emarat, one of the UAE’s major fuel retailers, recently teamed up with Crypto.com to launch the first-ever crypto payment service at petrol stations across the Middle East and North Africa (MENA) region, a deal that makes it possible to fill up your tank and pay with crypto.
The Department of Finance’s announcement is timely, especially with the growing adoption of crypto payments in Dubai’s private sector, particularly in the hospitality sector. Shortly after the government revealed its plans, Grand Millennium Hotel Dubai announced a partnership with Bybit which has relocated its headquarters from Singapore to Dubai, United Arab Emirates. Bybit is one of the world’s largest cryptocurrency exchanges by user base. The hotel will now accept payments through the Bybit Card, a crypto-and-fiat card that has been issued to over 1.7 million users globally, according to the company.
Other hospitality providers in the city have already been accepting crypto payments. Palazzo Versace Dubai, through a partnership with Binance, allows guests to pay in Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) for room stays, dining, and spa experiences. The Manor by JA in Al Furjan has implemented a crypto-to-crypto payment gateway, also powered by Binance. Several cafes and restaurants across the city are reportedly embracing digital assets as payment options.
It is apparent that Dubai is enabling the broader use of cryptocurrencies across both public and private sectors. From hotel check-ins to government service fees, digital assets are steadily gaining ground. And with supportive regulations and infrastructure in place, paying with crypto in Dubai may soon become a common convenience—not a novelty.
This crypto-friendly approach should also serve to increase business and tourism, especially with companies and people that are from countries affected financially by Western sanctions, with include Cuba, Iran, North Korea, and Russia that are restricted from using the US Dollar.
Further Reading
Russia Preparing For Crypto Transactions By 2025 In Foreign Trade
