Crypto.com has made a significant stride in the UAE’s digital asset landscape by securing a Stored Value Facilities (SVF) license from the Central Bank of the United Arab Emirates (CBUAE). The license was granted through the company’s local subsidiary, Foris DAX Middle East FZE, marking Crypto.com as the first Virtual Asset Service Provider (VASP) in the region to attain this type of authorization. This follows an earlier in-principle approval received in October 2025, which facilitated the path to full regulatory compliance.
The newly acquired SVF license empowers Crypto.com to offer regulated digital wallets and prepaid instruments within the UAE. These tools are designed to safely hold customer funds while facilitating payments in both traditional currencies and approved virtual assets. This milestone enhances the UAE’s evolving regulatory framework for digital payments and virtual assets, reflecting an increasing commitment to innovative financial solutions.
In a statement, the company expressed its pride in being the inaugural VASP to receive the SVF license, underlining its role in allowing UAE residents to pay government fees using digital assets. This capability could revolutionize how residents engage with governmental financial obligations, fostering a more integrated approach between traditional and digital currencies.
With this regulatory approval, Crypto.com is poised to activate its partnership with the Dubai Department of Finance, enabling users to pay specific government fees through virtual assets. Transactions will be settled in UAE dirhams or stablecoins pegged to the dirham, ensuring compliance with the CBUAE’s regulations on stored value and electronic money. This framework is designed to eliminate price risks associated with cryptocurrency volatility while allowing users to utilize their digital assets seamlessly for public services. It also aligns with Dubai’s broader initiative to promote cashless payments across various sectors.
Currently, Crypto.com stands as the sole VASP in the UAE with an SVF license from the central bank. Users wishing to take advantage of these virtual asset payment services for government fees must register through the company’s regulated platform. Additionally, Crypto.com holds a separate license from Dubai’s Virtual Assets Regulatory Authority (VARA) for its exchange operations, establishing a comprehensive operational footprint within the region.
The introduction of this SVF license adds a payments dimension to Crypto.com’s existing trading and custody services in the area. Previously, the company could only operate under a restricted wallet provider status while the CBUAE completed its regulatory assessments. The final authorization now confirms that Crypto.com has fulfilled all necessary conditions.
While the initial focus of the SVF license targets crypto-funded payments for Dubai Government services, there is potential for expansion should the central bank endorse additional use cases and collaborations. Upcoming partnerships could include significant local brands such as Emirates Airlines and Dubai Duty Free, although these plans await further regulatory approval, opening up exciting prospects for the digital asset industry in the UAE.
