Foris DAX Middle East, trading as Crypto.com, has received In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for a Stored Value Facilities (SVF) license.

Once the final license is granted, the company will be able to provide digital payment services for Dubai Government fees in UAE dirhams or dirham-pegged stablecoins, through the SVF framework.

Customers will be able to pay using any digital assets held on the VARA-licensed platform, which will convert assets into UAE dirhams and complete transactions via the Central Bank-licensed digital wallet.

Dubai government entities will receive settlements in dirhams or dirham-pegged stablecoins.

Eric Anziani, President and COO of Crypto.com Group, said:

“Increasing everyday utility of digital assets is central to our vision at Crypto.com. This latest regulatory milestone is testament to both our commitment to responsible innovation, as well as to the UAE for seeing the promise of regulated digital commerce.”

During this phase, the company will operate as a Restricted Wallet Provider under conditions set by the Central Bank and will seek prior approval for any business model changes.

It has reaffirmed its commitment to Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), Counter-Proliferation Financing (CPF) obligations, and record-keeping requirements in line with UAE legislation and international standards.

The final license will be issued once technical and regulatory requirements are met, including an on-site inspection by the Central Bank’s Supervision, Market Conduct, and AML departments to verify system readiness.

Featured image credit: Edited by Fintech News Middle East, based on image by user13560167 via Freepik