Crypto.com has achieved a significant milestone by obtaining a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE) for its local entity, Foris DAX Middle East FZE. This development marks Crypto.com as the first Virtual Asset Service Provider (VASP) in the United Arab Emirates to secure this important regulatory approval.
With this newly acquired SVF license, Crypto.com is poised to enhance its collaboration with the Dubai Department of Finance, enabling UAE residents to pay government fees using virtual assets. The integration of these digital payment options will ensure that all transactions are processed in UAE dirhams or through CBUAE-approved, dirham-backed stablecoins, adhering to the SVF framework. This approach not only guarantees secure transactions but also plays a crucial role in supporting the Dubai Cashless Strategy.
As the only VASP holding an SVF license within the UAE, Crypto.com is set to offer exclusive virtual asset payment services. Users must be onboarded through Crypto.com’s globally recognized platform, which is also licensed by the Virtual Assets Regulatory Authority (VARA), to access these services. Additionally, the SVF license paves the way for Crypto.com to begin integrating its crypto payment systems with major entities such as Emirates Airlines and Dubai Duty Free.
This achievement strengthens Crypto.com’s standing as a leading digital assets platform in the region, showcasing its commitment to compliance and security protocols. Eric Anziani, President and COO of Crypto.com, expressed pride in being the first VASP to receive this license, highlighting the company’s ongoing commitment to fostering a regulated digital assets ecosystem in the UAE. He emphasized the company’s focus on expanding its presence in a forward-thinking market, aiming to deliver innovative products and services that enhance user convenience.
Mohammed Al Hakim, President and General Manager for UAE and Bahrain at Crypto.com, also spoke about the advantages this license affords. He stated that the company can now offer unique digital asset payment services for government fees, reinforcing its partnership with the Dubai Finance Department. Al Hakim portrayed the opportunity as an honor and a significant step toward not only facilitating a cashless economy but also advancing the digital payments landscape in the UAE.
Founded in 2016, Crypto.com has grown to become a trusted name among millions of users globally, renowned for its adherence to regulatory compliance, security, and privacy. The company is dedicated to accelerating cryptocurrency adoption through innovative solutions.
