Crypto.com has achieved a significant milestone in the UAE by securing a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE) through its local entity, Foris DAX Middle East FZE. This marks a historic moment, as Crypto.com becomes the first Virtual Asset Service Provider (VASP) in the Emirates to obtain such a license, thereby enhancing its operational capabilities within the region.
With the SVF license in hand, Crypto.com is poised to activate its strategic partnership with the Dubai Department of Finance. This collaboration aims to enable residents in the UAE to pay government fees using virtual assets, a move that aligns with the UAE’s broader effort to promote digital transactions. Payments will be conducted exclusively in UAE dirhams or CBUAE-approved dirham-backed stablecoins, ensuring security and compliance while facilitating seamless financial transactions. This initiative supports Dubai’s Cashless Strategy, reinforcing the emirate’s aim to lead the region in digital payments.
As the sole VASP with an SVF license in the UAE, Crypto.com highlights its unique position in the market. Users who wish to engage with virtual asset payment services must first be onboarded through Crypto.com’s globally recognized platform, which is licensed by the Virtual Assets Regulatory Authority (VARA). In addition, the SVF license enables Crypto.com to initiate crypto payment integrations with prominent partners such as Emirates Airlines and Dubai Duty Free, expanding its service offerings significantly.
Eric Anziani, President and COO of Crypto.com, emphasized the importance of this achievement, describing it as a testament to the company’s commitment to compliance and the advancement of a regulated digital assets ecosystem in the UAE. He stated that Crypto.com is continually enhancing its presence in the region, striving to offer innovative, user-friendly products and services that cater to digital asset owners.
Mohammed Al Hakim, President and General Manager for UAE & Bahrain at Crypto.com, expressed his excitement about launching their partnership with Dubai Finance. He acknowledged the honor of being able to offer exclusive digital asset payment services for government fees, contributing to the region’s cashless strategy and pioneering the future of digital payments in the UAE.
Founded in 2016, Crypto.com has gained the trust of millions of users globally, positioning itself as a leader in regulatory compliance, security, and privacy. The platform is dedicated to accelerating the adoption of cryptocurrency worldwide, with a straightforward vision: Cryptocurrency in Every Wallet™. For more information, visit their website.
