Crypto.com said its UAE entity, Foris DAX Middle East FZE, received a Stored Value Facilities license from the Central Bank of the UAE.
Summary
- Crypto.com became the UAE’s first VASP with an SVF license from the Central Bank today.
- Dubai residents can pay government fees with virtual assets through Crypto.com’s licensed UAE platform soon.
- Settlements will use UAE dirhams or approved dirham-backed stablecoins under the SVF framework only locally.
The company said it is the first Virtual Asset Service Provider in the Emirates to receive the license.
The approval moves Crypto.com from earlier in-principle status to a licensed setup for stored-value payment services. crypto.news reported in October 2025 that the company had received in-principle approval for the same SVF license, pending final technical and compliance checks.
Dubai government fee payments move closer
The license allows Crypto.com to activate its partnership with the Dubai Department of Finance. The plan will let UAE residents pay Dubai government fees using virtual assets through Crypto.com’s regulated platform.
Crypto.com said all settlements will happen in UAE dirhams or CBUAE-approved dirham-backed stablecoins under the SVF framework. This means government entities will receive local-currency settlement, while users can start payments with supported digital assets.
Additionally, Crypto.com said users who want to access the service must be onboarded through its VARA-licensed platform. The company also said it is the only VASP with an SVF license in the UAE at the time of the announcement.
The company framed the approval as a compliance step. Eric Anziani, President and COO of Crypto.com, said the license showed its “strong commitment to compliance.” That statement reflects the company’s view and has not been independently tested in the announcement.
Emirates and Dubai Duty Free could follow
Crypto.com said the license may also allow it to start crypto payment integrations with Emirates Airlines and Dubai Duty Free after required CBUAE approvals. Emirates signed an MoU with Crypto.com in July 2025 to explore adding Crypto.com Pay to its payment systems.
The update also fits Dubai’s wider cashless plan. The Dubai Cashless Strategy aims for 90% cashless transactions across government and private sectors by 2026. crypto.news has also covered Dubai’s wider digital asset push, including payments, tokenized assets, and regulated crypto products.
