Crypto exchange Crypto.com has secured a major regulatory milestone in the United Arab Emirates after its regional entity, Foris DAX Middle East FZE, received a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE). The approval makes the company the first virtual asset service provider in the country to obtain this category of license.
Announced on May 11, the development is expected to expand the practical use of cryptocurrencies across the UAE, particularly in government-related payments. Through a partnership with the Dubai Department of Finance, residents will soon be able to pay government service fees using digital assets.
According to the company, all transactions will ultimately be settled in UAE dirhams or in dirham-backed stablecoins approved by the central bank, a move designed to maintain financial stability while integrating crypto payments into the traditional financial system.
The newly acquired license also opens opportunities for Crypto.com to collaborate with major regional institutions, including Emirates and Dubai Duty Free, as the company looks to broaden crypto payment adoption across the Emirates.
Eric Anziani, President and Chief Operating Officer of Crypto.com, described the approval as a significant achievement for the company and a reflection of its commitment to regulatory compliance and the growth of a regulated digital asset ecosystem in the UAE. He added that the company continues to strengthen its presence in what he called a highly digital-savvy market.
Mohammed Al Hakim, President and General Manager for UAE and Bahrain at Crypto.com, said the license enables the platform to offer services unmatched by other digital asset providers in the region. He noted that the company’s collaboration with Dubai Finance supports the emirate’s cashless strategy while helping shape the future of digital payments.
The SVF license differs from the approvals issued by Dubai’s Virtual Assets Regulatory Authority (VARA), which primarily govern crypto trading, brokerage, and custody services. Instead, the CBUAE’s SVF authorization focuses on payment systems that allow users to store value for future purchases and transactions, effectively linking the digital asset economy with the conventional fiat-based financial sector.
