Every so often the name DubaiCoin resurfaces, usually alongside a claim that Dubai has launched its own official cryptocurrency. Here is what DubaiCoin actually is, what happened when it made headlines, and where it stands with UAE authorities today.
No. The Government of Dubai has stated plainly that it never approved any digital currency called DubaiCoin, and that Dubai does not have an official cryptocurrency. That position has not changed. Any website, message, or advertisement telling you that DubaiCoin is the emirate's official digital currency is inaccurate, and in the past such promotions have been linked directly to fraud.
In May 2021 a press release circulated claiming that Dubai had created its own digital currency and that it would become the city's de facto money, available at a starting price of around 17 cents per token. Within 24 hours the price of a coin trading under the DubaiCoin name jumped by roughly 1,000 percent as the story spread across crypto media.
The authorities responded quickly. The Government of Dubai Media Office and the Dubai Electronic Security Centre both issued public warnings stating that DubaiCoin was never approved by any official authority and that the website promoting it was an elaborate phishing campaign designed to steal personal information from visitors. Shortly afterwards, the major price trackers CoinMarketCap and CoinGecko removed the coin from their listings, and its price collapsed.
There is a genuine but obscure token called DubaiCoin (DBIX), created around 2016 by a UAE blockchain company, Arabian Chain Technology. That company publicly denied making the official currency announcement and warned that the website behind it was fake and a scam. The real DBIX token was only thinly traded on a couple of minor venues and the long defunct Cryptopia exchange, and it is not available on any of the VARA-licensed platforms that UAE residents actually use. In other words, the coin that spiked was dragged into a false story it had nothing to do with.
There is no state issued coin called DubaiCoin. What the UAE does have is a clear, regulated environment for virtual assets, overseen by VARA in Dubai, the FSRA in Abu Dhabi Global Market, and the DFSA in the DIFC. Separately, the Central Bank of the UAE is rolling out the Digital Dirham, a central bank digital currency, in phases: a retail pilot began in late 2025 and a full launch is targeted for late 2026. That is an entirely different thing from a privately promoted token using the Dubai name. If an official digital currency ever launches, it will be announced through those authorities, not through a surprise press release and a sign up website.
The DubaiCoin episode is a textbook example of how crypto scams work, and the warning signs repeat:
When any of these appear together, treat the opportunity as fraudulent until proven otherwise. The same rules that make crypto legal in the UAE also require providers to hold a public licence, so a coin or platform you cannot find on a regulator's register is a red flag.
The takeaway is not that crypto is off limits in the UAE, because it is not. The takeaway is to buy established assets through regulated channels rather than chasing a coin because it carries a city's name. Stick to licensed venues, verify everything, and move long term holdings into your own wallet. None of the best crypto exchanges in the UAE list DubaiCoin, which tells you a lot on its own. If you are starting out, knowing where to buy cryptocurrency in the UAE safely, through a licensed app, an OTC desk or a crypto ATM, protects you far better than chasing a coin that promises official status.
Instead of chasing a coin because of its name, most UAE buyers start with the largest, most liquid assets listed on licensed exchanges. Here is how they are moving right now.
Skip the hype coins. See how to buy established cryptocurrencies in dirhams on licensed UAE platforms.
How to buy Bitcoin in the UAE →A token called DubaiCoin (DBIX) does technically exist, created around 2016 by Arabian Chain Technology, but it is obscure, thinly traded, and not listed on regulated UAE exchanges. The 2021 story that Dubai had launched it as an official currency was false.
No. The Government of Dubai confirmed that DubaiCoin was never approved by any official authority and that Dubai does not have an official cryptocurrency.
The Dubai authorities described the website promoting DubaiCoin as an elaborate phishing campaign designed to steal personal information from its visitors. The token issuer also said the site was fake.
There is no official DubaiCoin. The Central Bank of the UAE is rolling out the Digital Dirham, a central bank digital currency, in phases, which is separate from any privately promoted token.
