Dubai isn’t just experimenting with crypto anymore — its latest announcements show it’s going all in.
One of the most recent examples is the Dubai Land Department (DLD) signing a memorandum of cooperation with a platform called Crypto.com to develop a digital investment environment for virtual real estate assets and explore the use of blockchain technologies and digital currencies within the property sector.
Earlier in the year, Dubai Finance (DOF) said it is working with Crypto.com to enable the payment of government service fees using cryptocurrencies.
Emirates, Dubai Duty Free set to allow crypto payments
In the announcement, DOF explained that the move supports the implementation of the Dubai Cashless Strategy by enabling “secure, efficient and inclusive financial transactions through cryptocurrencies.” and “empowering the government to introduce a new digital payment channel across its official platforms.”
Outside of government departments, Emirates Airline and Dubai Duty Free are also gearing up to allow crypto payments for flights and duty free merchandise, and have also partnered with Crypto.com.
So what factors are driving the embrace?
Khalil Kassam, chief business officer and co-founder at crypto data provider Kaiko, told Business Recorder: “Dubai’s government is strategically accelerating its embrace of cryptocurrency, viewing it as a pivotal element for economic diversification and achieving its ambitious goal of a 90% cashless economy by 2026.”
According to him, Dubai’s non-oil economy already contributes 75.5% of Dubai’s GDP.
“This proactive stance, aligned with the broader Dubai Economic Agenda (D33), aims to solidify Dubai’s position as a global digital asset hub and attract cutting-edge tech innovators.”
“A cornerstone of this strategy is the Virtual Assets Regulatory Authority (VARA), the world’s first standalone crypto regulator, which has cultivated a robust and clear regulatory framework over several years, ensuring investor protection and enforcing strict AML/KYC standards, fostering trust and attracting legitimate businesses and capital.”
“This includes offering tax-free solutions for crypto activities for individuals and opening up new levels of expat investment.”
For users, the embrace means enhanced convenience and accessibility.
For example, Emirates Airline and Dubai Duty Free integrating crypto payments for flights and retail, will cater to “tech-savvy customers and reduce cross-border payment hassles,” he said.
As for the property sector, Kassam explained that tokenization opens up investment to other countries, allowing, for example, someone in Tokyo to buy an apartment as an investment without needing to be physically in Dubai.
“The future of Dubai’s property sector is being fundamentally reshaped. Tokenization dramatically boosts market liquidity, allowing properties to be traded more like equities, enabling investors to exit their investments quicker than traditional methods. This also streamlines transactions, reduces costs by cutting out intermediaries, and enhances transparency and security through blockchain’s immutable records.”
He said “this strategic pivot positions Dubai as a leader in PropTech innovation, attracting global tech innovators and solidifying its status as a future-ready real estate hub.”
Meanwhile Business Recorder also spoke to the CEO of online broker Traze – Erkin Kamran – who said that the DLD move will “streamline transactions, reduce costs by minimizing intermediaries, and enhance transparency and security through blockchain’s immutable records.”
He said adopting blockchain use in the property sector also helps with fractional ownership – something the DLD has already begun – “allowing investors to buy portions of high-value properties, democratizing access and attracting a wider global investor base.”
He also echoed Kassam’s sentiments regarding VARA, “which ensures
market integrity, investor protection, and compliance with anti-money laundering standards, fostering a secure and trustworthy digital asset ecosystem.”
“This holistic approach solidifies Dubai’s position as a leading, regulated, and innovative global digital asset hub.”
While Dubai hasn’t explained why it’s chosen to partner with Singapore-based Crypto.com, what we do know is that Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, met the President and Chief Operating Officer of Crypto.com in April. They discussed opportunities for collaboration in areas related to the digital economy, including emerging technologies, virtual assets, and financial innovation.
Crypto.com is one of the few global exchanges fully licensed by VARA. It holds both provisional and operational licenses for retail and institutional services. It can be argued that this regulatory approval makes Crypto.com an ideal partner for public-sector integration.
It also offers crypto-to-AED conversion, secure wallets, and easy integration with government systems like DubaiPay.
It has a regional HQ in Dubai, invests in local initiatives and has worked with regulators in other countries, including Singapore, the UK and the US.
To sum up, Dubai’s efforts are not just visible in the setting up of VARA but also in its clear licensing frameworks for exchanges, custodians, and other crypto service providers. It has crypto free zones like DMCC (Dubai Multi Commodities Centre) which are crypto-friendly and offer licensing; the government and the royal family have supported events, accelerators, and investment in blockchain startups; and there is no income tax on crypto gains (personal use), and no corporate tax in many zones.
While places like Singapore and the EU offer mature and cautious regulatory environments, and the US has no clear federal regulatory framework, Dubai stands out for its speed, clarity, and ambition in becoming a global crypto hub.
Copyright Business Recorder, 2025
