Dubai’s Department of Finance (DOF) has entered into a strategic partnership with Crypto.com to facilitate cryptocurrency payments for government services. The agreement, announced during the Dubai Fintech Summit on May 12, aligns with the emirate’s ambition to become a fully digital, cashless society by 2026.

Under this initiative, individuals and businesses will be able to pay for government services using cryptocurrencies via Crypto.com’s digital wallets. These crypto payments will be converted into United Arab Emirates dirhams and transferred to the DOF’s accounts, ensuring seamless integration with existing financial systems.

Amna Mohammed Lootah, Director of Digital Payment Systems Regulation at the DOF, emphasized the significance of this development, stating that it would substantially accelerate the advancement of Dubai’s Cashless Strategy. The DOF has indicated that the service will accept “stable cryptocurrencies,” suggesting that stablecoins pegged to fiat currencies may be utilized, although specific digital assets have not been disclosed.

This move is part of Dubai’s broader strategy to enhance its fintech sector and stimulate economic growth. The DOF projects that the cashless initiative could contribute at least 8 billion dirhams (approximately $2.1 billion) to the economy by fostering the development of financial technology services.

Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at the DOF, noted that the government is actively developing a regulatory framework that promotes innovation while ensuring the highest standards of security and efficiency in digital financial transactions.

Dubai’s progressive approach to digital assets is further evidenced by its recent initiatives, including the pilot phase of a project to tokenize real estate assets on the blockchain and the hosting of the Token2049 conference, which underscores the city’s commitment to embracing emerging technologies.

The collaboration with Crypto.com marks a significant step in Dubai’s journey toward integrating cryptocurrency into its public services, reflecting the emirate’s position as a forward-thinking leader in digital finance.

Coinbase Global Inc. (NASDAQ: COIN) is set to become the first cryptocurrency company included in the S&P 500 index, effective before trading opens on Monday, May 19, 2025. The crypto exchange will replace Discover Financial Services, which is being acquired by Capital One Financial Corp.

The inclusion of Coinbase in the S&P 500 signifies a significant milestone for the cryptocurrency sector, reflecting its growing integration into mainstream financial markets. As a result, index funds and exchange-traded funds (ETFs) that track the S&P 500 will incorporate Coinbase shares into their portfolios, potentially increasing demand for the stock.

Following the announcement, Coinbase’s stock experienced a notable uptick, rising 8.8% in after-hours trading to $225.40. During the regular trading session, the stock closed at $207.22, up nearly 4% from the previous close. As of May 13, 2025, Coinbase’s stock price stands at $234.84.
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Coinbase’s addition to the S&P 500 comes amid a broader acceptance of digital assets in traditional finance. The company’s inclusion is expected to further legitimize the cryptocurrency industry and may pave the way for other crypto-focused firms to enter major financial indices in the future.

The S&P 500 is a market-capitalization-weighted index comprising 500 of the largest publicly traded companies in the United States. Coinbase’s inclusion reflects its substantial market capitalization and its role as a leading platform for cryptocurrency trading and services.

This development underscores the evolving landscape of the financial industry, where digital assets and traditional finance continue to converge.

BlackRock has updated its iShares Bitcoin Trust (IBIT) regulatory filing to include quantum computing as a potential threat to Bitcoin’s cryptographic security. This marks the first time the asset manager has explicitly acknowledged this risk in its ETF disclosures.

In the amended filing submitted on May 9, BlackRock cautioned that advancements in quantum computing could compromise the cryptographic algorithms securing Bitcoin and other digital assets. The firm stated that if quantum technology progresses significantly, it could undermine the viability of these cryptographic systems.

Quantum computing, an emerging field leveraging quantum mechanics, has the potential to perform complex calculations at speeds unattainable by classical computers. This capability raises concerns about the security of current cryptographic methods, which are foundational to blockchain technologies like Bitcoin.

BlackRock’s IBIT, the largest spot Bitcoin ETF with approximately $64 billion in net assets, has seen substantial investor interest since its launch in January. The firm’s inclusion of quantum computing in its risk disclosures underscores the importance of considering emerging technological threats in the evolving digital asset landscape.

While quantum computing remains in its developmental stages, BlackRock’s proactive disclosure reflects a broader industry awareness of potential future challenges to blockchain security. The move serves as a reminder for investors to stay informed about technological advancements that could impact the integrity of digital assets.