Dubai Completes First Crypto Payment Trial for Government Services
Dubai has successfully tested its first cryptocurrency payment settlement for government fees, converting digital assets into UAE dirhams. The trial, conducted by the Dubai Department of Finance in collaboration with the Dubai Land Department and Emirates NBD, marks a significant step toward institutional crypto adoption.
The transaction was processed through the Dubai Pay platform, managed by the Digital Dubai Authority, involving a property map issuance fee. Crypto.com participated under its locally licensed entity, Foris Dax Middle East, highlighting regulatory compliance in the emirate's crypto framework.
This pilot demonstrates Dubai's commitment to integrating blockchain technology with traditional finance. The closed-loop system ensured security while maintaining alignment with UAE financial regulations, potentially setting a precedent for other government entities globally.
