Emirates General Petroleum Corporation (Emarat), the Federal Fuel retailer of the VAE, works together with Crypto.com to introduce crypto payments to fuel stations, which mark a first in the Middle East and North Africa.
The first phase makes Crypto payments possible at 10 Emarat stations in Dubai, with plans to expand the service in the EMARAT network, according to the 8 May announcement.
Customers can now pay for fuel using Bitcoin and other digital assets directly at the pump, whereby traditional Fiat transactions are circumvented. The rollout positions the VAE at the forefront of the adoption of crypto in the retail trade.
As part of the initiative, Emarat and Crypto.com also revealed plans for a flagship Co-Branded Service Station, “Emarat x Crypto.com Service Station”, to be launched in Dubai.
The location will also serve as an anchor for Project Landmark, a global initiative that introduces name rights to fuel stations and combines brand visibility with digital first customer experiences. The new site will serve as a showcase for innovation in mobility, payments and retail design.
Emarat, founded in 1981, operates more than 100 service stations in Dubai and the North Emirates, with around 100 million retail and commercial customers annually.
Vae’s digital assets hub ambition
The VAE continues to improve as a world leader in digital assets regulation and infrastructure and strives for his ambition to become the most crypto-friendly jurisdiction in the world.
With frameworks such as the Virtual Assets Regulatory Authority in Dubai and clear license structures in Abu Dhabi, the country has positioned itself as one of the world’s most progressive areas of law for digital finances.
The positioning has attracted some of the largest players in the industry, including large CEXS such as Binance, OKX and Bybit, to protect regulatory licenses for their activities in the region.
By encouraging private partnerships and introducing pilot projects such as these, the VAE wants to strengthen its role as a hub for web3 innovation and fintech.
By switching on crypto payments at the pump, the VAE adds another use case to its growing digital assets eco system, which further determines that digital assets are no longer limited to speculation but increasingly embedded in daily life.
