Dubai's Emirates signs preliminary deal to add crypto to payments

Emirates has signed a preliminary deal with Crypto.com that will allow its customers to make payments through the crypto trading platform's payment service, the Gulf carrier's parent company said in a statement on Wednesday.

The partnership, which is expected to come into effect next year, is aimed at tapping into "younger, tech-savvy customer segments who prefer digital currencies", Adnan Kazim, Emirates' deputy president and chief commercial officer, said in a statement.

The United Arab Emirates has been emerging as a key hub for crypto companies in recent years, with several setting up shop or seeking to expand, and has enabled payments via cryptocurrencies in areas like real estate, school fees and transportation.

In Dubai, which set up watchdog VARA in 2022 to regulate the emerging virtual asset sector, one of the city's largest free zones, the DMCC, hosts more than 650 crypto firms.

Other airlines have in recent years adopted cryptocurrencies as payment options. In the Gulf, Dubai-listed Air Arabia said in May it would accept UAE dirham-backed stablecoin AE Coin for flight bookings.