Crypto.com has secured a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE).
The license, granted to the company’s local entity Foris DAX Middle East FZE, activates a partnership with the Dubai Department of Finance.
The agreement allows UAE residents to pay government fees using virtual assets through the exchange’s platform.
To comply with the central bank’s regulatory framework, the system will process all financial settlements for these government services exclusively in UAE dirhams or CBUAE-approved dirham-backed stablecoins.
Users must onboard through Crypto.com’s existing platform, which Dubai’s Virtual Assets Regulatory Authority (VARA) already regulates, to access the payment feature.
“Being the first VASP to receive this license proves our commitment to compliance and to advancing the regulated digital assets sector in the UAE,”
said Eric Anziani, President and Chief Operating Officer of Crypto.com.
The company indicated that the SVF license will also pave the way for crypto payment integrations with major commercial entities.
Subject to further approvals from the CBUAE, Crypto.com plans to launch payment services with Emirates Airlines and Dubai Duty Free.
The integration of virtual asset payments for public services is intended to support the Dubai Cashless Strategy, a government mandate aimed at shifting transactions to digital channels.
Featured image credit: Edited by Fintech News UAE, based on image by Frolopiaton Palm via Magnific
