The government of Dubai has partnered with Crypto.com to introduce cryptocurrency payments for government services as part of Dubai’s cashless strategy. This agreement was formalized during the Dubai Fintech Summit on May 12, aiming to transition the city to a fully digital, cashless society. Individuals and businesses can use Crypto.com’s digital wallets to pay government service fees, which will then be converted to dirhams and transferred to the Dubai Department of Finance (DOF) accounts. Dubai plans to have 90% of financial transactions using cashless methods by 2026. The specific cryptocurrencies accepted were not mentioned, but stablecoins might be included. Abu Dhabi institutions also recently announced a plan to launch a new dirham-pegged stablecoin. The cashless strategy, announced in October 2024, is expected to boost the economy by at least 8 billion dirhams ($2.1 billion) by developing fintech services and expanding the fintech sector in Dubai. The government is actively working on a regulatory framework to promote innovation while ensuring security in digital financial transactions. Dubai is known for being crypto-friendly, hosting events like Token2049. Additionally, the government started a project to tokenize real estate assets on the blockchain. Other governments, like New York, are also exploring accepting crypto payments.