The major international airline Emirates has signed a Memorandum of Understanding (MoU) with Crypto.com to integrate Crypto.com Pay into the airline's payment infrastructure, expected to be implemented next year.
Emirates announced on Wednesday that the signing ceremony took place under the witness of His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Group.
The MoU was signed by Adnan Kazim, Vice President and Chief Commercial Officer of Emirates, and Mohammed Al Hakim, President of Crypto.com UAE.
"This strategic move aligns with Dubai's vision at the forefront of financial innovation while providing our customers with greater flexibility and choice when transacting with Emirates," Kazim stated.
In addition to the payment integration, the two companies will collaborate on promotional activities after the service goes live to raise awareness and drive user adoption.
A Crypto.com spokesperson confirmed to Cointelegraph that the integration is scheduled for the last quarter of this year. "The initial phase will focus on technical readiness, compliance integration, and customer experience mapping," the spokesperson said.
Furthermore, Emirates and Crypto.com will determine whether the launch will start from specific routes or regional markets or through a global rollout, with a pilot phase potentially preceding broader implementation.
The spokesperson also confirmed that customers' cryptocurrency payments will be converted to fiat currency (UAE Dirham) at real-time exchange rates at the time of the transaction. "Emirates will not hold any cryptocurrency on its books; settlements will be made in UAE Dirhams to ensure compliance and minimal foreign exchange risk," they stated.
Crypto.com also mentioned that as part of a broader travel and business strategy, it continues to explore integrations with regional and international airlines. "The goal is to establish a universal crypto travel layer that provides travelers in aviation, retail, and hospitality with a seamless, secure, and compliant payment experience."
This integration comes as Dubai pushes to lead in the cryptocurrency space, seeking to establish itself as a major hub for blockchain and digital asset projects.
With regulatory clarity and a supportive environment for innovation, various industries in the emirate, from real estate to telecommunications, have opened their doors to cryptocurrency payments.
Earlier this year, Tether partnered with UAE-based Reelly Tech to expand the use of its USDT stablecoin in real estate transactions. The agreement allows buyers to use USDT to purchase properties through a global network of 30,000 Reelly Tech agents.
Last month, the Dubai Financial Services Authority (DFSA), the financial regulator responsible for the Dubai International Financial Centre (DIFC), approved Ripple's RLUSD stablecoin. DIFC companies can now use the RLUSD stablecoin for various virtual asset services.
The Dubai Multi Commodities Centre Free Zone has attracted over 600 crypto companies, as more firms flock to the Dubai International Financial Centre and One Central area, positioning the country as a digital finance leader.
The Dubai real estate market reached a new high in May, with total sales of 66.8 billion Dirhams (approximately $18.2 billion) across 18,700 transactions, representing a year-on-year increase of 44%. This surge occurred against the backdrop of accelerated real estate tokenization.
In May alone, government and industry participants launched several initiatives, including a $3 billion RWA transaction involving MultiBank Group, real estate giant MAG, and blockchain infrastructure provider Mavryk.
On May 19, Dubai's crypto regulator, the Virtual Assets Regulatory Authority, updated its guidelines to include provisions for the tokenization of real-world assets (RWA). Lawyer Irina Heaver told Cointelegraph that these rules provide a clear path for issuers and exchanges to launch and trade tokenized real estate assets.
Related: Perception Report: Bitcoin (BTC) Lacks Mainstream Media Coverage in Q2
Original article: “Emirates Signs MoU with Crypto.com to Enable Cryptocurrency Payments”
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