The Dubai Land Department (DLD) signed a memorandum of cooperation with Crypto.com to develop a digital investment environment for virtual real estate assets and explore the uses of blockchain and cryptocurrency technologies in the sector. This step aligns with the Dubai government’s efforts 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 comes at a time when the Dubai government announced its intention to allow government fees to be paid in cryptocurrencies. This represents a new phase of integration between the government and technology sectors and reinforces the emirate’s leadership in adopting innovation in government services. The MoU is also in line with the Dubai Real Estate Strategy 2033, which seeks to develop a sustainable and smart real estate system based on knowledge and modern technology, enhancing Dubai’s ability to attract quality investments to reach AED 1 trillion by 2033.
The MoU was signed by Omar Hamad Bushahab, Director General of the Dubai Land Department, and Mohammed Abdul Latif Al Hakeem, the authorized signatory on behalf of Crypto.com, in the presence of several officials and executives from both sides.
Employing Blockchain Technologies
This collaboration aims to develop mechanisms that support digital real estate trading by employing blockchain and virtual assets technologies, and exploring opportunities to use cryptocurrencies in real estate transactions, contributing to enhanced liquidity and keeping pace with modern trends in smart investing. It also aims to build an integrated digital environment that enables the trading of real estate assets, investor verification, and the implementation of digital custody and settlement processes within a secure and advanced framework.
The partnership also seeks to contribute to strengthening Dubai’s real estate market as a premier destination for digital real estate investment by developing new investment tools based on innovation, in line with the aspirations of global investors and the emirate’s real estate market development.
This collaboration reflects the Department’s commitment to supporting the strategic vision of the wise leadership to make Dubai the best city in the world to live, work, and invest. It also supports the objectives of the Dubai Economic Agenda (D33), which focuses on providing an ideal investment climate that strengthens the strength of Dubai’s economy through innovative methods that contribute to achieving sustainable growth.
Under this collaboration, Dubai Land Department will study the possibility of employing the platforms and technical solutions proposed by Crypto.com in the areas of real estate tokenization and digital asset trading. The Department will also provide the necessary administrative and logistical support to facilitate the implementation of joint projects and evaluate proposals based on the Department’s approved regulatory frameworks. The Department is also committed to providing all relevant legal and legislative requirements to ensure that projects comply with Dubai’s regulations.
Proposing Technical Solutions
Crypto.com will propose appropriate technical solutions for utilizing digital currencies in the real estate sector, providing the necessary technical support and consulting, along with analytical tools and reports to support decision-making regarding digital projects. Upon agreement to implement any of the proposed projects, the company will provide all technical and legal documents and obtain the necessary approvals from the relevant authorities, in accordance with the emirate’s applicable legislation.
The signing of this memorandum represents a new strategic milestone in the Dubai Land Department’s efforts to promote innovation in the real estate sector and provide an integrated environment that supports the development of an advanced digital market, opening up new investment horizons, and consolidating Dubai’s position at the forefront of global cities in adopting the latest digital real estate solutions.