Crypto.com has achieved a significant regulatory milestone by becoming the UAE's first Virtual Asset Service Provider to receive a Stored Value Facilities license from the Central Bank of the UAE. According to reports from crypto.news and Odaily, the company's UAE entity, Foris DAX Middle East FZE, received this approval, moving from earlier in-principle status to a fully licensed setup for stored-value payment services. As reported by Crypto.com, Mohammed Al Hakim, President and GM, UAE & Bahrain for Crypto.com, stated that "We are now able to offer what no other digital asset platform can, by providing exclusive digital asset payment services for Dubai Government fees to residents in the UAE." This approval represents a compliance step that demonstrates the company's commitment to regulatory adherence in the region.
The SVF license enables Crypto.com to officially launch its partnership with the Dubai Department of Finance, allowing UAE residents to pay Dubai government fees using virtual assets through the company's regulated platform. As reported by Crypto.com, all settlements will occur in UAE dirhams or CBUAE-approved dirham-backed stablecoins under the SVF framework, allowing secure payments and supporting the advancement of the Dubai Cashless Strategy. Eric Anziani, President and COO of Crypto.com, emphasized that "To be the first VASP to receive this license is an incredible achievement and proves our strong commitment to compliance and to advancing the regulated digital assets ecosystem in the UAE." Users must be onboarded through Crypto.com's globally-recognised, VARA-licensed platform to access these services.
The Dubai Finance and Crypto.com entered into a memorandum of understanding in May to facilitate cryptocurrency payments for government service fees, and the latest approval now paves the way for the partnership to move into the implementation phase. According to Crypto.com, following the required approvals from the CBUAE, the SVF license will allow the company to initiate its crypto payment integrations with Emirates Airlines & Dubai Duty Free. Emirates signed an MoU with Crypto.com in July 2025 to explore adding Crypto.com Pay to its payment systems. This expansion aligns with Dubai's broader digital transformation initiatives, including the Dubai Cashless Strategy that aims for 90% cashless transactions across government and private sectors by 2026.
Crypto.com is currently the only VASP with an SVF license in the UAE at the time of the announcement, as reported by crypto.news. The company framed this approval as demonstrating its strong commitment to compliance, reflecting its view on regulatory adherence in the region. Mohammed Al Hakim noted that "We are now able to offer what no other digital asset platform can, by providing exclusive digital asset payment services for Dubai Government fees to residents in the UAE," positioning Crypto.com as a pioneer in the UAE's digital asset payment infrastructure development. This regulatory achievement creates a competitive moat against rivals, as how quickly other VASPs pursue similar licenses will determine future competition in the state-fee crypto payment market.
