Integration Agreement Signed

Dubai-based international airline Emirates Airline has signed a Memorandum of Understanding (MoU) with Singapore-based digital asset service provider Crypto.com to integrate Crypto.com Pay into its payment infrastructure. Implementation is expected to take place next year.

The agreement was signed in the presence of His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Air Group. On behalf of Emirates, Adnan Kazim, Deputy President and Chief Commercial Officer, represented the airline.

Crypto.com’s President for UAE Operations, Mohammed Al Hakim, signed the agreement on behalf of the fintech company.

Comment from Emirates Official

“This strategic move is in line with Dubai’s vision to be at the forefront of financial innovation while at the same time providing our customers with greater flexibility and choice in how they transact with Emirates,” stated Adnan Kazim.

Further Collaboration

Beyond the implementation of Crypto.com Pay, the two entities will collaborate on marketing and promotional initiatives to raise public awareness and drive user adoption once the service commences. No details regarding specific promotional activities were provided at the time of the announcement.

Dubai’s Ascent in Crypto & Blockchain

The Emirates airline’s initiative occurs within a broader context of Dubai’s strategic efforts to position itself as a global hub for blockchain technology and digital assets.

Industry Diversification

With regulatory frameworks becoming clearer and a pro-innovation stance gaining prominence, various segments of Dubai’s economy—from real estate to telecommunications—are progressively embracing cryptocurrency and blockchain applications.

Expanding Cryptocurrency Use

Recent developments highlight this trend:

• Real Estate Sector: Tether partnered with UAE-based Reelly Tech to enable USDt (USDT) stablecoin transactions for global real estate purchases facilitated via 30,000 Reelly Tech agents.
• Financial Services: The Dubai International Financial Centre’s regulator, the DIFC, recently approved Ripple’s RLUSD stablecoin for institutional virtual asset services.
• Digital Finance Hub: The Dubai Multi Commodities Centre has attracted over 600 cryptocurrency companies, with many more moving into the Dubai International Financial Centre and One Central district as the region aims to become a digital finance leader.

Real Estate Market Stimulation

Dubai’s real estate sector demonstrated notable growth, reaching new highs in May with total sales reaching 66.8 billion dirhams (approximately $18.2 billion) across 18,700 transactions—a 44% year-on-year increase.

This surge occurred alongside a rapid acceleration in activities related to tokenizing real-world assets (RWA).

Recent Regulatory Directions

The Virtual Asset Regulatory Authority (VARA), Dubai’s regulatory body for cryptocurrencies, updated its guidelines in May to explicitly cover provisions for tokenizing real-world assets (RWA).

According to legal expert Irina Heaver, these updated rules establish a clear pathway for issuers and exchanges to launch and trade assets backed by real-world holdings, such as tokenized real estate.