Crypto.com has obtained a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE), a move that activates a key partnership with the Dubai Department of Finance. The license, awarded to its local entity Foris DAX Middle East FZE, will allow UAE residents to use virtual assets to pay for government services and fees through the exchange’s platform.
Quick Facts
- License secured from UAE’s Central Bank.
- Partnership with Dubai Department of Finance activated.
- Enables crypto payments for government fees.
Bridging Crypto and Public Services in Dubai
The integration of virtual asset payments for public services is a direct boost to the Dubai Cashless Strategy, a government initiative aimed at shifting transactions toward digital channels. By allowing crypto payments for official fees, Dubai is taking another step in embedding digital finance into its core infrastructure.
All financial settlements for these government services will be processed exclusively in UAE dirhams or CBUAE-approved dirham-backed stablecoins, ensuring compliance with the central bank’s regulatory framework.
A Regulated Path to Crypto Payments
To access the new payment feature, users must onboard through Crypto.com’s existing platform, which is already regulated by Dubai’s Virtual Assets Regulatory Authority (VARA). This ensures that all transactions occur within a pre-approved and supervised ecosystem.
“Being the first VASP to receive this license proves our commitment to compliance and to advancing the regulated digital assets sector in the UAE,” said Eric Anziani, President and Chief Operating Officer of Crypto.com.
Future Plans: From Government to Commercial Giants
The company stated that the SVF license also opens the door for future crypto payment integrations with major commercial entities in the UAE.
Subject to further approvals from the CBUAE, Crypto.com is planning to launch payment services with prominent brands including Emirates Airlines and Dubai Duty Free, signaling a broader push into the region’s retail and travel sectors.
About Crypto.com
Founded in 2016, Crypto.com is a global cryptocurrency exchange and financial services company. It serves over 80 million customers worldwide, offering a wide range of products including a crypto app, exchange, DeFi wallet, and a Visa card.
Source: Fintech News UAE
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