Crypto has become the first Virtual Asset Service Provider (VASP) in the UAE to secure a Stored Value Facilities (SVF) licence from the Central Bank of the UAE, marking a major step forward for the country’s regulated digital assets sector. The licence was awarded to the company’s regional entity, Foris DAX Middle East FZE, allowing it to introduce regulated virtual asset payment services across the Emirates, including its previously announced collaboration with Dubai’s Department of Finance.
The approval means residents in the UAE will soon be able to pay government service fees using virtual assets, with transactions settled in UAE dirhams or approved dirham-backed stablecoins under the SVF framework. The initiative aligns with Dubai’s wider Cashless Strategy and reflects the emirate’s push to expand secure digital payment solutions within public services.
Crypto is currently the only VASP in the UAE holding an SVF licence, enabling the company to exclusively provide these services through its VARA-regulated platform. The licence could also support future cryptocurrency payment integrations with organisations such as Emirates and Dubai Duty Free, pending further regulatory approvals from the CBUAE.
Eric Anziani, President and COO of Crypto.com, described the approval as a significant achievement that highlights the company’s commitment to compliance and the growth of the UAE’s regulated digital asset ecosystem. He said the company continues to strengthen its presence in the UAE by introducing innovative and seamless solutions for digital asset users.
Mohammed Al Hakim, President and General Manager for UAE and Bahrain at Crypto.com, said the licence enables the platform to offer exclusive digital asset payment services for Dubai Government fees. He added that the partnership with Dubai Finance supports the emirate’s cashless ambitions while contributing to the future of digital payments in the region.
The latest development further reinforces the UAE’s ambition to position itself as a global hub for regulated digital assets and financial innovation, as authorities continue building frameworks that balance technological advancement with compliance and consumer protection
