Dubai has taken another step towards integrating digital assets into everyday financial services after the UAE arm of Crypto.com secured a Stored Value Facilities licence from the Central Bank of the UAE, allowing residents to use virtual assets to pay government fees.
The licence was granted to Foris DAX Middle East FZE, Crypto.com’s regional entity, making it the first Virtual Asset Service Provider in the UAE to obtain such approval. The move enables the company to launch its partnership with the Dubai Department of Finance, opening the door for crypto-based payments across government services.
Under the framework, transactions will be settled in UAE dirhams or Central Bank-approved dirham-backed stablecoins through a regulated Stored Value Facilities system. Crypto.com said the initiative aligns with Dubai’s broader cashless economy ambitions under the Dubai Cashless Strategy.
Customers using the service will be required to register through Crypto.com’s platform licensed by the Virtual Assets Regulatory Authority. The company also indicated that, pending additional regulatory approvals, the licence could later support crypto payment options for entities including Emirates and Dubai Duty Free.
Company executives described the approval as another milestone in the UAE’s efforts to build a regulated digital asset ecosystem while expanding innovation in digital payments infrastructure.
Why it matters
The development highlights Dubai’s growing focus on embedding virtual asset payments into public-sector financial systems rather than limiting crypto to investment or private-sector use cases. By processing payments through a regulated framework and linking settlements to dirham-based oversight, the initiative strengthens the connection between digital assets, financial regulation and Dubai’s long-term vision for a cashless economy.
