Dubai completes pilot settlements for crypto to fiat, AED stablecoins for government fees

Dubai’s Department of Finance (DoF) has successfully tested the settlement of crypto payments to fiat AED currency or AED stablecoins for its governmental service ￰0￱ testing was done in collaboration with the Dubai Land Department (DLD) through its Dubai Pay platform managed by Digital Dubai Authority and Emirates NBD ￰1￱ aim was to validate the operational and technical efficiency of the systems to ensure the highest levels of security once officially adopted in the ￰2￱ , registered in the UAE as Foris Dax Middle East, which recently received an In-Principle Approval ( IPA ) from the Central Bank of the UAE (CBUAE) for a Stored Value Facilities (SVF) license, which will allow it to provide digital payment services for government fees in UAE dirham or dirham-pegged ￰3￱ testing is in preparation for the final license, when Foris Dax, trading as ￰4￱ will be able to provide digital payment services for Dubai government fees in UAE dirhams or AED ￰5￱ tested a successful payment for the issuance of a property ￰6￱ had noted previously that by the end of the year, it would be offering crypto payment services.

Accordingly, Amina Lootah, Director of Digital Payment Systems Regulation at Dubai’s Department of Finance, confirmed that the first-of-its-kind government transaction, settling digital assets in dirhams, was successfully executed within a secure, closed ￰7￱ transaction’s value was settled in UAE dirhams through fully integrated systems, ensuring complete regulatory ￰8￱ Dubai government pilot is part of the City-as-a-Service concept His Excellency Abdulrahman Al Saleh, Director General of Dubai’s Department of Finance, affirmed that the successful pilot is a proactive step toward the future of digital transactions in Dubai , adding that the Emirate will offer an advanced financial technology with the highest standards of security and ￰9￱ added, “At Dubai Finance, we are working to explore innovative financial solutions that enhance the government payment ecosystem and accelerate the transition toward a fully digital economy, in alignment with the vision of our wise leadership.” ￰10￱ Al Mansoori, Director General of Digital Dubai Authority, noted that this was a major step forward in realizing the concept of City as a Service, where modern financial technologies integrate seamlessly with government service systems in one secure and frictionless ￰11￱ to Al Mansoori, the ability to pay government fees using digital assets reflects the city’s ability to anticipate the future and embrace technologies that redefine the relationship between government and ￰12￱ Bushahab, Director General of the Dubai Land Department, emphasized that the test payment of a government transaction using an innovative method involving digital asset settlement in dirhams reflects the government’s commitment to employing advanced digital technologies prior to full-scale ￰13￱ Al Hakim, President and General Manager, UAE at Foris Dax Middle East, explained, “This milestone comes within the framework of the preliminary approval granted by the UAE Central Bank, marking a preparatory phase toward building a secure and sustainable digital payment ecosystem that serves both the government and society.” Join Bybit now and claim a $50 bonus in minutes