Crypto.com has achieved a significant milestone by becoming the first virtual asset service provider in the United Arab Emirates to receive a Stored Value Facilities (SVF) license from the Central Bank of the UAE. This achievement allows the company exclusive rights to process cryptocurrency payments for government services within the country.
The license has been awarded to Crypto.com’s UAE subsidiary, Foris DAX Middle East FZE, facilitating a partnership with the Dubai Department of Finance. This collaboration will enable UAE residents to make payments for government fees using virtual assets, a first for the Emirates. Transactions will be executed in UAE dirhams or in Central Bank-approved dirham-backed stablecoins through the SVF framework, aligning with Dubai’s broader Cashless Strategy.
As the only virtual asset service provider holding an SVF license in the UAE, Crypto.com occupies a unique position in the market. Residents who wish to utilize virtual asset payment services for government fees must register on Crypto.com’s platform, which is also licensed by the UAE’s Virtual Assets Regulatory Authority. This exclusive status not only enhances Crypto.com’s market presence but also reinforces its role in the digital assets ecosystem in the region.
Further potential developments accompany this new license, as Crypto.com is seeking additional approvals from the Central Bank. Should these be granted, the company will be able to integrate crypto payment options with Emirates Airlines and Dubai Duty Free, further broadening the range of services available to customers.
Eric Anziani, President and Chief Operating Officer of Crypto.com, emphasized that this licensing milestone reflects the company’s steadfast commitment to compliance and the advancement of a regulated digital assets ecosystem in the UAE. Mohammed Al Hakim, President and General Manager for Crypto.com in the UAE and Bahrain, remarked that the licensing empowers the firm to offer unique payment services that no other platform in the region can provide, making it possible for residents to pay Dubai government fees with cryptocurrency for the very first time.
