TL;DR
- The DLD signed an agreement with Crypto.com to enable real estate transactions and government payments using cryptocurrencies in Dubai.
- The deal includes property tokenization and the integration of digital payments, which will be converted into dirhams before being credited to official accounts.
- PRYPCO Mint has already completed two tokenized property listings under VARA regulation, within the emirate’s real estate sandbox.
Dubai is moving forward with the integration of cryptocurrencies and blockchain technology in its real estate market. The Dubai Land Department (DLD) signed an agreement with Crypto.com to develop solutions that allow the use of digital assets for property transactions and official payments. The initiative aims to modernize sector processes and enable faster, more secure operations through digital systems.
The agreement covers the development of mechanisms for property tokenization and the management of real estate transactions using cryptocurrencies. Crypto.com will propose the necessary technological solutions, while the DLD will handle administrative and regulatory matters. Both parties will work under a legal framework approved in Dubai to ensure transaction security and full compliance with current regulations.
The Department of Finance will also take part in this initiative. It will allow individuals and businesses to pay government fees using cryptocurrencies through the Crypto.com platform. The system will automatically convert these payments into UAE dirhams before transferring the funds to official government accounts.
Dubai Has Already Completed Two Tokenized Property Listings
The city already has concrete projects underway in this area. PRYPCO Mint, a joint initiative between the DLD and the company PRYPCO, has completed two tokenized property listings under the supervision of the Virtual Assets Regulatory Authority (VARA). These projects operate within the Real Estate Sandbox, a controlled environment designed to test and validate new technological solutions in real-world conditions.
Dubai authorities plan to reach AED1 trillion in real estate transactions by 2033. To achieve this, they will prioritize the adoption of digital tools that streamline the market and make it more attractive to international investors. Asset tokenization and the integration of cryptocurrencies into official payment systems are two of the key strategies chosen to accelerate that process.
Through this initiative, Dubai aims to establish itself as a global hub for digital real estate investment. The combination of blockchain, tokenization, and cryptocurrencies will open new opportunities for property operations in secure, auditable, and more accessible ecosystems for investors from different regions.
