In a significant move for the region’s digital economy, the Central Bank of the UAE (CBUAE) has granted Foris DAX Middle East, which operates as Crypto.com, an In-Principle Approval (IPA) for a Stored Value Facilities (SVF) license. This milestone positions the global cryptocurrency platform to play a key role in the UAE’s evolving digital payments landscape, pending final regulatory clearance.
Bridging Digital Assets and Government Services
Once the final license is secured, Crypto.com will be authorized to provide digital payment services for Dubai Government fees. This groundbreaking initiative will allow customers to utilize digital assets held on their VARA-licensed Crypto.com account for official payments. The platform will seamlessly convert these assets into UAE dirhams to complete transactions via a Central Bank-licensed digital wallet, with government entities receiving settlements in dirhams or dirham-pegged stablecoins.
Navigating The Regulatory Pathway
The In-Principle Approval marks a critical step in a multi-stage regulatory process. During this interim phase, Crypto.com will operate as a Restricted Wallet Provider under specific conditions laid out by the CBUAE. The final SVF license is contingent upon meeting all remaining technical and regulatory requirements, which includes a comprehensive on-site inspection by the Central Bank’s Supervision, Market Conduct, and AML departments to verify system readiness and compliance.
Commitment to Compliance and Innovation
Crypto.com has reaffirmed its strong commitment to upholding the UAE’s stringent regulatory standards, including Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) obligations. This aligns with the firm’s focus on responsible growth within regulated markets.
“Increasing everyday utility of digital assets is central to our vision at Crypto.com,” said Eric Anziani, President and COO of Crypto.com Group. “This latest regulatory milestone is testament to both our commitment to responsible innovation, as well as to the UAE for seeing the promise of regulated digital commerce.”
About Crypto.com
Founded in 2016, Crypto.com is trusted by more than 80 million customers worldwide and is a leading company in regulatory compliance, security, and privacy. The platform’s vision is “Cryptocurrency in Every Wallet,” and it is committed to accelerating the world’s transition to cryptocurrency through its diverse portfolio of products and services.
Source: Fintech News AE
