The Dubai Land Department (DLD), has signed a Memorandum of Cooperation (MOC) with crypto exchange Crypto.com to explore the use of blockchain and digital currencies in the real estate sector. This announcement comes after earlier news that the government will allow the use of digital assets for payment of government fees.
According to the latest announcement, the initiative is part of the Dubai Real Estate Strategy 2033, where the country expects to build a smart, sustainable, real estate ecosystem using advanced technologies such as blockchain, and digital assets as well as tokenization. The agreement was signed by His Excellency Omar Hamad BuShehab, Director General of the Dubai Land Department, and Mohamed Abdul Latif Al Hakim, the authorized signatory for Crypto.com, in the presence of several officials and CEOs from both sides.
Dubai partners with Crypto.com to support its real estate
The partnership will see Crypto.com support Dubai’s digital real estate transactions using blockchain and digital currencies, known as crypto for property transactions. This will not only help in increasing liquidity in the real estate sector but also modernize it. The partnership also looks to build an integrated digital ecosystem that enables real estate asset trading, investor verification, and the execution of digital custody and settlement processes within a secure and advanced framework.
Crypto.com is expected to provide solutions for tokenizing real estate and trading digital assets, while the Dubai Land Department (DLD) will explore them and provide administrative and logistical support to implement these regulatory-approved joint projects. Crypto.com will also offer technical support, analytical tools, and reports for these projects.
The Department of Finance (DOF), which develops and executes the government’s annual budget, will allow payment of government fees in crypto via the Crypto.com UAE-regulated exchange. Once the system is activated, individuals and businesses will be able to use Crypto.com’s digital wallet and pay for government services. The platform will convert crypto payments into AED and securely transfer the funds to Dubai Finance accounts.
PRYPCO Mint, a joint initiative between the Dubai Land Department (DLD) and PRYPCO licensed by the Virtual Assets Regulatory Authority (VARA), has completed two tokenized property listings. This is part of the Real Estate Tokenization project, which operates under a framework developed by the DLD in partnership with VARA, the Central Bank of the UAE (CBUAE), and the Dubai Future Foundation (DFF) through the Real Estate Sandbox.