Crypto.com has become the first virtual asset service provider in the UAE to receive a Stored Value Facilities (SVF) licence from the Central Bank of the United Arab Emirates, marking a significant milestone in the country’s rapidly evolving digital finance sector.
The licence was granted to the company’s regional entity, Foris DAX Middle East FZE, allowing the platform to provide regulated digital asset payment services for government-related transactions across the UAE.
Under the approval, Crypto.com will officially activate its strategic partnership with Dubai Finance, enabling UAE residents to pay government service fees using digital assets through a fully regulated framework aligned with Dubai’s broader cashless economy strategy.
All transactions and financial settlements conducted through the platform will be processed either in UAE dirhams or Central Bank-approved dirham-backed stablecoins under the SVF regulatory framework.
The approval places Crypto.com in a unique position within the UAE’s digital asset ecosystem. Currently, it is the only virtual asset company in the country authorised under this specific licensing structure, giving it exclusive operational access for certain regulated government crypto payment services.
Users wishing to access these services will be required to register through Crypto.com’s Dubai platform licensed by Virtual Assets Regulatory Authority (VARA).
The company also indicated that the licence could support future digital asset payment integrations with major UAE entities including Emirates and Dubai Duty Free, both online and in physical retail environments, subject to final operational approvals from the Central Bank.
The development reflects the UAE’s growing ambition to position itself as a leading global hub for blockchain innovation, regulated cryptocurrency adoption, and digital finance infrastructure.
Eric Anziani, President and Chief Operating Officer of Crypto.com, described the approval as a major achievement for the company and a reflection of its strong focus on compliance, operational security, and innovation in regulated digital finance.
He noted that the UAE has emerged as one of the world’s most advanced jurisdictions for digital economy legislation and cryptocurrency regulation.
Meanwhile, Mohammed Al Hakim said the approval enables the company to offer services currently unavailable through any other digital asset platform in the UAE, particularly in relation to government fee payments.
Founded in 2016, Crypto.com has expanded aggressively across global regulated digital finance markets and now serves millions of users worldwide as governments continue introducing formal oversight frameworks for cryptocurrency-related services.
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