The milestone approval paves the way for UAE residents to pay Dubai government fees using digital assets, marking a significant leap in the nation’s cashless economy strategy.
DUBAI: In a landmark development for the global digital finance landscape, Crypto.com has become the first virtual asset service provider (VASP) to secure a Stored Value Facilities (SVF) license from the Central Bank of the UAE. The approval, granted to its local entity Foris DAX Middle East FZE, authorizes the platform to facilitate regulated digital asset payments for a wide range of government and commercial services across the Emirates.
This regulatory breakthrough positions Crypto.com as the exclusive gateway for UAE residents to utilize cryptocurrencies for official transactions, aligning with Dubai’s ambitious roadmap to become a leading global hub for blockchain innovation.
Powering Government Payments via Digital Assets
A core component of this license is the activation of a strategic partnership between Crypto.com and Dubai Finance. For the first time, UAE residents will be able to pay government service fees using digital assets through a secure, regulated framework. To ensure financial stability and compliance, all settlements will be processed in UAE Dirhams or Dirham-backed stablecoins officially approved by the Central Bank.
To access these exclusive government payment features, users and entities must register through Crypto.com’s platform, which is already licensed by Dubai’s Virtual Assets Regulatory Authority (VARA).
Expanding the Ecosystem: From Duty Free to Aviation
The influence of this license is expected to extend far beyond government hallways. Crypto.com has indicated that the approval sets the stage for future collaborations with major UAE-based global brands. Plans are underway to integrate digital asset payments—both online and in-store—with the Emirates Airline Group and Dubai Duty Free, pending final operational nods from the regulator.
A Testament to Regulatory Compliance
The UAE’s digital economy has rapidly evolved into one of the world’s most sophisticated markets due to its proactive legislative approach. Eric Anziani, President and COO of Crypto.com, described the achievement as an “exceptional milestone” that underscores the company’s dedication to security and innovation.
“To be the first VASP to receive this license proves our strong commitment to compliance and to advancing the regulated digital assets ecosystem in the UAE,” Anziani stated, highlighting the UAE’s status as a “forward-thinking” market.
Strengthening the Cashless Strategy
Mohammed Al Hakim, President and General Manager for the UAE & Bahrain at Crypto.com, emphasized the unique value proposition this brings to the region. “We are now able to offer what no other digital asset platform can. It is an honor to play our role in not only enabling the cashless strategy but also advancing the future of digital payments in the UAE,” he said.
This development serves as a major signal to the global financial community that the UAE is successfully bridging the gap between traditional finance and the decentralized future, offering a blueprint for how nations can safely integrate crypto assets into the national economy.
