Dubai Goes Full Crypto: Government Partners with Crypto.com to Bypass Traditional Banking

Dubai’s cashless future just got a turbocharge—Crypto.com inks deal with the government to integrate crypto payments across services. No more fumbling with dirhams or waiting for bank approvals.

Why it matters: While Wall Street still debates ETF approvals, Dubai’s regulators are sprinting ahead. The FSA-backed move positions the emirate as the anti-Swift hub for digital asset flows.

The cynical take: Banks won’t like this. When governments start cutting out intermediaries, you know the financial old guard’s days are numbered—unless they finally wake up and smell the blockchain.

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

Abdulrahman Saleh Al Saleh, Director General of the Department of Finance, stated, “We take great pride in Dubai Finance’s key role in driving the Dubai Cashless Strategy and shaping a distinctive digital financial future.”

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Hashkey Bags VASP License Through VARA to Operate in the UAE

Hashkey, on 12 May 2025, announced its official launch in the UAE with the establishment of Hashkey Global MENA. The Virtual Asset Service Provider (VASP) license that the company obtained through Dubai’s VARA allows Hashkey to provide crypto exchange as well as broker-dealer services within and from Dubai.

Sherif Sanad, country manager, HashKey Global MENA, stated, “As a licensed platform, HashKey Global MENA embraces institutional needs by offering a regulated, secure gateway for fiat-crypto transactions, backed by institutional-grade safeguards and strategic partnerships like Standard Chartered.”

Going forward, the Hashkey Global MENA will focus on providing individuals as well as institutions in the region with regulated and secure access to virtual asset services.

Furthermore, fiat-to-crypto transactions in USD and AED will be facilitated by the platform in collaboration with Standard Chartered, an international banking group headquartered in London, UK.

Also, the partnership will offer over-the-counter (OTC) trading services for established cryptocurrencies.

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Dirham-Based Crypto Conversion Services Started by Mbank in the UAE

The UAE’s integrated digital bank, Al Maryah Community Bank (Mbank), along with crypto custodian Changer, announced on 12 May 2025, the launch of a dirham-based crypto conversion service.

The UAE’s central bank facilitates secure and regulatory-compliant escrow holding of AED funds using Mbank’s digital infrastructure. Additionally, it enables the conversion of digital assets and stablecoins, including USDT and USDC, into AED through the Changer platform.

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

Tarek Soubra, CTO at Mbank, continued, “Customers can now convert their cryptocurrencies into AED through Changer.ae and then use their converted AED funds immediately and seamlessly, with Mbank holding the AED funds in escrow. Alternatively, Mwallet customers can now receive their converted AED funds immediately into their wallets and use them for any supported transactions or for immediate cash withdrawal using a Jaywan ATM card.”

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Emarat and Crypto.com Collaborate to Bring Crypto to Fuel Stations in the UAE

Emarat, the state-owned fuel retail company, through its partnership with Crypto.com, has enabled customers to pay for fuel and other retail services using cryptocurrency.

The initial phase of this integration, announced on 8 May 2025, will be limited to 10 Emarat fuel stations across the UAE, with plans to enable crypto payments across its entire network.

Ali Khalifa Al Shamsi, Director-General of Emarat, stated, “Our partnership with Crypto.com reflects our commitment to innovation and providing customers with diverse payment options. This initiative is also in line with the UAE’s strategy to lead in digital finance and emerging technologies.”

As a result, Customers can now pay for fuel using Bitcoin and other digital assets directly at the pump, bypassing traditional fiat transactions.

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Key Takeaways

• Emarat, in collaboration with Crypto.com, has enabled customers to pay for fuel and other retail services using cryptocurrency.
  
• Hashkey Global MENA, now operational in the UAE, will facilitate Fiat-to-crypto transactions in USD and AED in collaboration with Standard Chartered
• Dubai DOF signed an MoU with Crypto.com to enable crypto payments for various government services