Crypto.com has become the first Virtual Asset Service Provider (VASP) in the UAE to receive a Stored Value Facilities (SVF) licence from the Central Bank of the UAE, in a move that could expand the use of regulated digital asset payments across the country.
The licence was granted to Foris DAX Middle East FZE, Crypto.com’s UAE entity, and allows the company to offer regulated virtual asset payment services in the Emirates.
That includes supporting its previously announced partnership with the Dubai Department of Finance, under which residents will be able to pay government fees using virtual assets. All transactions will be settled in UAE dirhams or CBUAE-approved dirham-backed stablecoins through the SVF framework.
The development gives Crypto.com a unique position in the local market. According to the company, it is currently the only VASP in the UAE holding an SVF licence, meaning these services will be offered exclusively through its VARA-licensed platform.
The approval could also open the door to future crypto payment integrations with Emirates Airlines and Dubai Duty Free, although any such rollout would still require additional CBUAE approvals.
"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," commented Eric Anziani, President and COO of Crypto.com. "We are always developing our presence in this forward-thinking, digital-savvy market and continue to lead the way when it comes to offering innovative products and services that are genuinely convenient and seamless for those who own digital assets."
Mohammed Al Hakim, President and General Manager for UAE and Bahrain at Crypto.com, also added, “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."
The move marks another step in the UAE’s push to position itself as a global hub for regulated digital assets, as authorities continue to expand frameworks aimed at encouraging innovation while maintaining oversight and consumer protection.
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