Dubai is not just playing with the idea of cryptocurrency anymore but it is taking clear steps to set the international blockchain landscape.
To enable the payment of government service fees via cryptocurrencies, Dubai’s Department of Finance (DOF) joined forces with Crypto. com earlier this year. The goal of this program is to facilitate the transition of the government and economy to safe, digital-first transactions, by the Dubai Cashless Strategy. The objective is to establish “inclusive and efficient financial services” while introducing a new official payment channel for public platforms.
In the meantime, Dubai Duty Free and Emirates Airline are getting ready to take cryptocurrency payments for flights and retail transactions. To help with this transition, both organizations have also collaborated with Crypto. com. This action is intended to appeal to tech-savvy consumers and lessen friction in international payments, according to Khalil Kassam, co-founder and Chief Business Officer of the cryptocurrency data supplier Kaiko.
The Dubai Land Department (DLD) has taken a major step by signing a memorandum of cooperation with Crypto.com to develop a digital investment environment for virtual real estate. This includes exploring the use of blockchain and digital currencies within the property sector.
Erkin Kamran, CEO at online broker Traze, said blockchain would lower costs, simplify transactions and make the process more transparent by eliminating the middleman in the real estate sector. It also widens access to foreign buyers and democratization of investments, as it supports fractional ownership; more can purchase shares in high value properties.
Kassam highlights that tokenization is fundamentally transforming real estate in Dubai. Properties can now be traded more like equities, enhancing liquidity and enabling investors to exit more quickly than in traditional models. Blockchain ensures transparency and security through immutable transaction records, creating trust and efficiency in real estate markets.
Crypto.com, which holds both provisional and operational licenses from the Virtual Assets Regulatory Authority (VARA), is one of the few global exchanges fully licensed to operate in Dubai. The company also provides crypto-to-AED conversion, secure wallets, and smooth integration with public platforms like DubaiPay. It has a regional headquarters in Dubai, supports local initiatives, and works closely with regulators in markets like Singapore, the UK, and the US.
The extended outlook of the city lies in its dedication towards diversification in economy. Kassam indicates that the GDP of Dubai is already made up of more than 75.5 percent non-oil economy. This move reflects the strategic approach of the government of the UAE to reach the 90% cashless environment by 2026 as mentioned in the Dubai Economic Agenda (D33).
A cornerstone of this initiative is VARA, the world’s first dedicated crypto regulator.
Dubai is not only focused on regulation to have crypto investment. It provides crypto-forward zones such as DMCC, zero-income tax related to personal cryptocurrency profits, and tax exceptions of companies in determined regions. There are many events, accelerators and venture funding programs around blockchain supported by the government to promote this innovation.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum had a meeting with the company’s President and COO regarding making Singapore-based Crypto a core partner in this aim. In April, the meeting finalized potential collaborations, latest advancements, and digital finance transformation.
