Dubai Accelerates Crypto Adoption Across Sectors
Dubai is rapidly integrating cryptocurrencies into everyday transactions and property purchases, driven by its Cashless Strategy aimed at digitizing 90% of public and private sector transactions by 2027. The city's Virtual Assets Regulatory Authority (VARA) oversees the regulated environment.
Airlines, government departments, retailers, and developers are embracing crypto payments, with Emirates introducing Crypto.com Pay for customers booking in dirhams via its website or app. Dubai Duty Free also accepts Crypto.com Pay at airports and online, converting user payments into dirhams before reaching merchant accounts.
The public sector is adopting crypto payments as well, with residents able to pay fees for government services using Crypto.com's wallet, which converts payments into dirhams. The property sector has also seen significant growth, with major developers like Damac, Emaar, and Nakheel accepting crypto payments, subject to conversion via an authorized intermediary.
The UAE Central Bank has registered USDU, a domestic stablecoin pegged to the US dollar and backed by local banks, while Dubai's regulatory framework remains selective, allowing only authorized operators to promote virtual assets. The country aims to become a regulated ecosystem for digital assets, attracting international operators and institutional capital.