Crypto.com Secures Historic UAE Central Bank Approval for Stored Value Facilities License

• Crypto.com secures approval from the UAE Central Bank for a stored value facilities license.

• Crypto.com will be able to provide digital payment services for Dubai Government fees.

Crypto.com Secure UAE Central Bank Approval

Foris DAX Middle East FZ-LLC, operating as Crypto.com, has become the first Virtual Asset Service Provider (VASP) in the UAE to receive In-Principle Approval (IPA) from the Central Bank of the United Arab Emirates (CBUAE) for a Stored Value Facilities (SVF) license.

In a major move, Crypto.com secured the UAE Central Bank Approval, paving the way for crypto use in Dubai.

This regulatory milestone marks a major step toward bridging digital assets with mainstream payments in the UAE. Once the final license is granted, Crypto.com will be able to provide digital payment services for Dubai Government fees, allowing residents to settle transactions directly in UAE dirhams or dirham-pegged stablecoins.

Transforming Everyday Digital Payments

Under the model developed by Crypto.com, customers will be able to pay Dubai Government entities using a wide range of digital assets. These assets will be automatically converted into dirhams and processed instantly through a CBUAE-licensed digital wallet, ensuring seamless integration between digital assets and traditional payment infrastructure.

Dubai government entities, meanwhile, will receive settlements strictly in dirhams or dirham-pegged stablecoins, aligning with the UAE’s regulatory and financial stability frameworks.

Leadership Commentary

Eric Anziani, President and COO of Crypto.com Group, highlighted the significance of the approval:

“Increasing everyday utility of digital assets is central to our vision at Crypto.com. 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.”

Alain Yacine, President of Middle East & Latin America at Crypto.com, also commended regulators:

“We commend the Central Bank of the UAE for its vision and willingness for collaboration on developing regulatory frameworks to open new and compliant opportunities for commerce.”

Mohammed Al Hakim, President and GM of UAE at Foris DAX Middle East FZE, added:

“Both consumers and merchants in the UAE are eager to engage in digital commerce and we are incredibly proud to be the first VASP to receive In-Principle approval for an SVF license in-market.”

Compliance and Regulatory Oversight

During this interim phase, Foris DAX Middle East will operate as a Restricted Wallet Provider under the Central Bank’s supervision. The company emphasized its adherence to strict Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) standards, in addition to record-keeping obligations aligned with both UAE legislation and international frameworks.

The final license will only be issued once Foris DAX Middle East meets all technical and regulatory requirements and passes an on-site inspection by the Supervision, Market Conduct, and AML departments of the CBUAE. The In-Principle Approval remains valid for one year from the date of issuance.

A Step Toward Greater Digital Asset Utility

This approval further cements the UAE’s position as a leading global hub for regulated digital finance. By enabling everyday payments for government services through digital assets, Crypto.com is taking a significant step toward mainstream adoption and enhancing the practical utility of cryptocurrencies in daily life.