Latest news with #MohammedAlHakim
CNBC
13-05-2025
- Business
- CNBC
Dubai government to accept crypto payments through Crypto.com partnership
Dubai's Department of Finance announced a partnership with crypto platform that will allow government service fees to be paid with cryptocurrencies. The memorandum of understanding between Dubai government officials and Mohammed Al Hakim, president of UAE, was signed Monday on the sidelines of the Dubai FinTech Summit. Government officials said in a press release that the partnership will help achieve the "Dubai Cashless Strategy," which seeks to solidify Dubai's status as a leading digital city. The strategy aims to reach 90% cashless transactions across Dubai's public and private sectors by 2026. Once technical arrangements for the initiative are finalized, individuals and "businesses customers of government entities" will be able to pay service fees through digital wallets on "The platform will securely convert these payments into Emirati dirhams and transfer them to Dubai Finance accounts, ensuring a streamlined, secure, and innovative payment framework," Dubai Finance added. Al Hakim called the initiative a "truly global first programme." However, the announcement did not clarify what types of digital currencies the department of finance would accept, or for which types of government fees covered by the agreement. and Dubai Finance did not immediately respond to a request for comment from CNBC. first received a license for its Dubai entity to offer regulated virtual asset service activities in 2023. Last month, the company said Dubai's virtual asset regulatory body had also issued a limited license to offer derivatives. Dubai has been betting on the crypto industry for years as part of its ambition to become a global tech hub.
Hi Dubai
13-05-2025
- Business
- Hi Dubai
Dubai Finance Partners with Crypto.com to Enable Crypto Payments for Government Services
Dubai Finance has signed a landmark agreement with to allow the payment of government service fees using cryptocurrencies, marking a major step forward in the emirate's push toward a fully digital, cashless economy. The Memorandum of Understanding (MoU) was signed today during the Dubai FinTech Summit at the Dubai International Financial Centre, in the presence of key government and industry leaders. The move supports the Dubai Cashless Strategy, which aims to have over 90% of transactions in the emirate conducted without cash by 2026. Ahmad Ali Meftah of Dubai Finance and Mohammed Al Hakim of UAE formalised the deal. licensed by the Dubai Virtual Assets Regulatory Authority, will provide the technology infrastructure to process cryptocurrency payments and convert them into Emirati dirhams. The initiative will allow users to pay for government services using stable digital currencies via wallets. Payments will be securely processed and transferred to Dubai Finance, creating a seamless and secure experience for both individuals and businesses. Officials say the partnership strengthens Dubai's status as a global hub for financial innovation and supports the emirate's broader economic agenda. It is expected to add AED 8 billion annually to the economy and accelerate growth in the fintech sector. 'This agreement reflects Dubai's proactive approach in shaping the future of finance,' said Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai. 'It reinforces our commitment to innovation, digital transformation, and global leadership in financial technology.' News Source: Emirates News Agency
Express Tribune
19-02-2025
- Business
- Express Tribune
Crypto.com UAE president Mohammed Al Hakim says crypto will surpass cash
Listen to article Cryptocurrency adoption in the UAE is accelerating at an unprecedented pace, and within two years, digital assets will surpass traditional currencies in daily use, according to Mohammed Al Hakim, the newly appointed President of UAE. 'In the next two years in the UAE, you will be able to do more with cryptocurrency than with the dirham and dollar,' Al Hakim predicted, underscoring the rapid shift towards a digital financial ecosystem in the region. Al Hakim's appointment marks a historic milestone for the crypto currency industry, making him the first GCC and Emirati national to assume such a senior role within a global crypto exchange. His leadership signals growing commitment to regional expansion and the broader adoption of blockchain technologies in the UAE and Gulf Cooperation Council (GCC) nations. Al Hakim's vision for in the UAE As President UAE, Al Hakim will oversee the company's expansion across the GCC region, working closely with UAE government entities, blockchain startups, and financial technology initiatives. His mandate includes strengthening partnerships with regulatory authorities, fintech firms, and investment bodies to drive digital transformation. 'We're really excited to welcome Mohammed Al Hakim to and appreciate the knowledge, experience, and background he will bring to our expanding UAE team,' said Eric Anziani, President and Chief Operating Officer of 'We have a number of growth initiatives and exciting product launches in the pipeline for 2025 in the UAE and wider GCC region, and we're delighted to have Mohammed onboard to spearhead these.' Al Hakim brings over a decade of leadership experience, having played a pivotal role in securing over $800 million in foreign investments for Dubai and launching programs aimed at empowering Emirati talent. He is also a member of the Mohammed Bin Rashid Center for Leadership Development (MBRCLD), reflecting his deep engagement in national development initiatives. Expanding the crypto economy in the Gulf Al Hakim's appointment comes at a crucial time when Gulf nations are accelerating their shift toward blockchain technology and digital finance. The GCC region, led by the UAE and Saudi Arabia, has seen a significant rise in cryptocurrency investments, blockchain startups, and regulatory frameworks aimed at integrating digital assets into mainstream financial systems. is positioning itself at the center of this transformation, aiming to expand access to crypto payments, decentralized finance (DeFi) solutions, and blockchain-based financial services in the region. 'The UAE's leadership in fostering a forward-thinking regulatory framework has set the stage for exponential growth,' said Al Hakim. 'I look forward to contributing to mission by driving innovation and delivering exceptional value to our users across the UAE and GCC. This role is an opportunity to give back to my country and region, and I am committed to making a meaningful impact.' Future of cryptocurrency in the UAE With increasing regulatory clarity, rising institutional investments, and growing consumer adoption, the UAE is on track to become a global cryptocurrency powerhouse. As Al Hakim takes charge of regional operations, his bold prediction of crypto surpassing traditional currencies within two years may not be far from reality.
