This MoC comes in response to initiatives aimed at allowing digital currency payments for government fees, thereby improving the integration of public services.
The Dubai Land Department (DLD) has entered into a memorandum of cooperation (MoC) with Crypto.com to create a digital investment landscape for virtual real estate assets and to investigate the use of digital currencies in the industry.
According to the Dubai Media Office, the Dubai Government aims to accelerate digital transformation and enhance the emirate’s position as a global center for technological innovation and smart real estate investment.
The signing of the Memorandum of Cooperation (MoC) comes after the Dubai Government announced plans to allow the payment of government fees with digital currencies, marking a significant advancement in merging technology with public services and strengthening the emirate’s role in government innovation.
This initiative is also in line with the Dubai Real Estate Strategy 2033, which seeks to establish a smart, sustainable, and knowledge-based real estate ecosystem. By embracing advanced technologies, Dubai is increasing its attractiveness for high-quality investments and making strides toward its goal of AED1 trillion in real estate transactions by 2033.
The agreement was signed by His Excellency Omar Hamad BuShehab, the director general of the Dubai Land Department, and Mohamed Abdul Latif Al Hakim, the authorized representative of Crypto.com, with several officials and CEOs from both organizations in attendance.
This partnership aims to establish mechanisms that promote digital real estate transactions by utilizing blockchain technology and virtual assets, while also exploring the potential application of digital currencies in property deals. The initiative intends to improve market liquidity and keep pace with contemporary trends in smart investment. Furthermore, the collaboration seeks to create a comprehensive digital ecosystem that streamlines real estate asset trading, investor verification, and the implementation of digital custody and settlement processes within a secure and advanced framework.
Enhancing Dubai’s Real Estate Sector
Additionally, the partnership seeks to bolster Dubai’s real estate market as a leading global hub for digital real estate investments by creating innovative investment tools that meet the needs of international investors and adapt to the changing real estate environment in the emirate.
This partnership demonstrates the Department’s dedication to aligning with the leadership’s strategic vision of making Dubai the top city worldwide for living, working, and investing. It also supports the goals of the Dubai Economic Agenda D33, which aims to foster an optimal investment climate that enhances Dubai’s economy through innovative strategies that encourage sustainable growth.
As part of this collaboration, the Dubai Land Department will explore the potential applications of platforms and technological solutions suggested by Crypto.com in areas like real estate tokenization and digital asset trading. The Department will also provide the necessary administrative and logistical support to facilitate the execution of joint initiatives and assess proposals in accordance with its established regulatory frameworks. Furthermore, DLD is committed to ensuring adherence to Dubai’s regulations by supplying all pertinent legal and legislative requirements.
