Dubai Cashless Initiative: Crypto.com Collaborates with Dubai Administration for Payment Solutions

On 12 May 2025, Dubai’s Department of Finance (DOF) entered into a Memorandum of Understanding (MoU) with Crypto.com to facilitate cryptocurrency payments for a range of services.

This strategic alliance will enable residents and businesses to utilize crypto for payments such as visa fees, licensing, and utility bills through Dubai Pay, the government’s digital payment solution. A pilot initiative set to launch later this year will initiate the rollout of this feature.

Mohammed Al Hakim, President of Crypto.com, remarked, “Today’s update marks a pivotal advancement in the embrace of digital finance through an extensive integration into government payment infrastructures.” It should be noted that the firm established its presence in Dubai in 2023 after obtaining its first Virtual Asset Regulatory Authority (VARA) license.

https://t.co/vCNztATkNg expresses pride in being chosen to assist @DOF_Dubai in the groundbreaking arrangement to implement Government-wide payment digitization.

Read more https://t.co/1UJbe7YEH7 pic.twitter.com/YbaoBChldI

— Crypto.com (@cryptocom) May 13, 2025

Abdulrahman Saleh Al Saleh, Director General of the DOF, expressed, “We are immensely proud of Dubai Finance’s pivotal contribution to advancing the Dubai Cashless Strategy and shaping a unique digital financial landscape.”

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Hashkey Secures VASP License Through VARA to Operate in the UAE

On 12 May 2025, Hashkey proclaimed its official entry into the UAE with the launch of Hashkey Global MENA. The acquired Virtual Asset Service Provider (VASP) license from Dubai’s VARA allows Hashkey to offer crypto exchange and broker-dealer services from Dubai and within the region.

Sherif Sanad, Country Manager of HashKey Global MENA, commented, “Being a licensed protocol, HashKey Global MENA meets institutional demands by delivering a regulated, secure avenue for fiat-to-crypto transactions, supported by institutional-grade protections and strategic alliances such as with Standard Chartered.”

Looking ahead, Hashkey Global MENA will aim to provide both individuals and institutions in the region with regulated and secure access to virtual asset offerings.

Additionally, the platform will facilitate fiat-to-crypto transactions in USD and AED in strategic alliance with Standard Chartered, a leading international banking organization based in London, UK.

Moreover, this strategic alliance will also offer over-the-counter (OTC) trading services for well-established cryptocurrencies.

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Mbank Launches Dirham-Based Crypto Conversion Services in the UAE

The UAE’s integrated digital banking institution, Al Maryah Community Bank (Mbank), in collaboration with crypto custodian Changer, announced on 12 May 2025, the inauguration of a dirham-based crypto asset conversion service.

The UAE’s central bank ensures the secure and regulatory-compliant escrow holding of AED funds via Mbank’s digital framework. Furthermore, it facilitates the conversion of digital assets and stablecoins, including USDT and USDC, into AED through the Changer network.

Mohammed Wassim Khayata, CEO of Mbank and a Changer board member, stated, “By providing AED Escrow Account Services to Changer, we guarantee secure and compliant dirham-to-crypto conversions for Changer clients.”

Tarek Soubra, CTO at Mbank, added, “Clients can now convert their cryptocurrencies into AED using Changer.ae and instantly use their converted AED funds seamlessly, with Mbank overseeing the AED funds in escrow. Additionally, Mwallet customers can receive their converted AED funds directly in their wallets for any supported transactions or to withdraw cash immediately using a Jaywan ATM card.”

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Emarat Partners with Crypto.com to Introduce Crypto Payments at Fuel Stations in the UAE

Emarat, the government-owned fuel retail provider, in collaboration with Crypto.com, has enabled customers to make payments for fuel and additional retail services using cryptocurrencies.

The first stage of this strategic alliance, announced on 8 May 2025, will begin with 10 Emarat fuel stations across the UAE, with plans to extend crypto payment options to its entire network.

Ali Khalifa Al Shamsi, Director-General of Emarat, noted, “Our alliance with Crypto.com signifies our dedication to innovation and offering customers a wider array of payment alternatives. This initiative aligns with the UAE’s strategy to lead in digital finance and emerging technologies.”

Consequently, customers can now pay for fuel using Bitcoin and various other digital currencies directly at the price surge, bypassing conventional fiat transactions.

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The article Dubai Cashless Strategy: Crypto.com Partners with Dubai Government for Payment Services first appeared on 99Bitcoins.