Foris DAX Middle East FZ-LLC, which operates under the brand Crypto.com, has made a significant advancement in the UAE’s digital finance landscape by obtaining In-Principle Approval (IPA) from the Central Bank of the United Arab Emirates (CBUAE) for a Stored Value Facilities (SVF) license. This achievement makes Crypto.com the first Virtual Asset Service Provider (VASP) in the UAE to receive such recognition.
Once the final SVF license is granted, Crypto.com will enable residents to pay Dubai government fees directly using cryptocurrencies, which will be instantly converted into UAE dirhams. This development marks a crucial step toward integrating cryptocurrencies into everyday transactions within the emirate, allowing users greater flexibility in how they conduct financial activities.
In a statement regarding this progress, Eric Anziani, President and COO of Crypto.com, emphasized the significance of this initiative, expressing his excitement about the potential for cryptocurrencies to facilitate daily transactions. He also commended the UAE’s proactive approach to fostering a digital finance environment.
Crypto.com has reiterated its commitment to adhering to strong compliance standards, including stringent measures for Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF). The company already holds a license from the Dubai Virtual Assets Regulatory Authority (VARA) and operates through its local entity, further solidifying its regulatory standing in the region.
In addition to its licensing achievements, Crypto.com has forged partnerships with local entities such as Emarat and Tawasal, enhancing its payment solutions to better serve the community. The final SVF license will be issued once the Central Bank’s departments—Supervision, Market Conduct, and AML—complete thorough on-site inspections to confirm the company’s technical readiness and compliance.
The IPA granted to Crypto.com is valid for one year, marking a critical transitional phase before the full rollout of the services under CBUAE regulation. This approval aligns with the UAE’s ongoing efforts to establish itself as a global leader in the crypto space, facilitated by clear legal frameworks designed to promote compliance and build investor confidence.
Recent statistics indicate a growing interest in cryptocurrency among residents, with 25.3% having some form of cryptocurrency. In 2024, the UAE was ranked third globally in the Henley & Partners Crypto Adoption Index, underscoring its vision for digital innovation and adoption.
As these developments unfold, the UAE’s proactive stance in the crypto sector positions it as an influential player in the global digital finance landscape.
