Crypto.com has achieved a significant milestone by securing a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE) for its UAE entity, Foris DAX Middle East FZE. This development marks Crypto.com as the first Virtual Asset Service Provider (VASP) in the Emirates to receive such a license, highlighting its commitment to compliance and innovation in the digital assets sector.
With this SVF license, Crypto.com is set to activate its partnership with the Dubai Department of Finance, enabling UAE residents to pay government fees using virtual assets. The financial transactions will be conducted in UAE dirhams or CBUAE-approved, dirham-backed stablecoins through the SVF framework. This initiative not only enhances the security of payments but also supports the Dubai Cashless Strategy, which aims to promote a cashless economy.
As the sole VASP with an SVF license in the UAE, Crypto.com requires that individuals wishing to utilize these virtual asset payment services must be onboarded via its globally-recognized, VARA-licensed platform. The license also paves the way for Crypto.com to integrate crypto payment solutions with major entities like Emirates Airlines and Dubai Duty Free, a significant stride for the company within the UAE market.
Eric Anziani, President and COO of Crypto.com, expressed pride in being the first VASP to achieve this license, emphasizing the company’s dedication to compliance and its role in developing the regulated digital assets landscape in the UAE. Anziani noted ongoing efforts to enhance their presence in the region, aiming to offer innovative and convenient products and services tailored for digital asset owners.
Mohammed Al Hakim, President and GM for UAE & Bahrain at Crypto.com, underscored the unique services the platform can now provide. He emphasized the honor of launching the Dubai Finance partnership and the impact it can have on promoting a cashless society while advancing digital payment solutions in the UAE.
Crypto.com, founded in 2016, has garnered the trust of millions worldwide and is recognized as an industry leader in regulatory compliance, security, and privacy. The company remains dedicated to the vision of integrating cryptocurrency into everyday transactions, as exemplified by its commitment to accelerating cryptocurrency adoption through continuous innovation.
