Crypto.com secures UAE license for crypto government payments

Crypto.com is the first in the UAE to receive a full SVF license, enabling crypto payments for Dubai government services. Settlements occur in dirhams or stablecoins.

Crypto.com, through its UAE entity Foris DAX Middle East FZE, has become the first Virtual Asset Service Provider (VASP) in the UAE to receive a full Stored Value Facilities (SVF) license from the Central Bank of the UAE. This regulatory achievement allows Crypto.com to operate regulated digital wallets and prepaid instruments, enabling residents to pay Dubai government fees using virtual assets. Settlements are conducted in UAE dirhams or dirham-backed stablecoins, ensuring compliance with local regulations and minimizing price risk for the government. The SVF license activates Crypto.com's partnership with the Dubai Department of Finance and supports Dubai's Cashless Strategy, which aims to increase digital payments for government services. All transactions must comply with CBUAE rules, guaranteeing that while users can pay with crypto, the government receives funds in approved local currency. Currently, Crypto.com is the only VASP holding this license, granting it exclusive rights to provide these services. This development also paves the way for further integrations with entities like Emirates Airlines and Dubai Duty Free, marking a significant step in the UAE's digital asset adoption.