Crypto.com has received a Stored Value Facilities (SVF) license from the Central Bank of the United Arab Emirates, becoming the first virtual asset service provider in the UAE to secure the approval.
The license was granted to the company’s UAE entity, Foris DAX Middle East FZE, allowing Crypto.com to offer regulated virtual asset payment services within the Emirates.
With the approval, Crypto.com said it will activate its partnership with the Dubai Department of Finance, enabling UAE residents to pay government fees using virtual assets.
According to the company, all financial settlements under the framework will be processed either in UAE dirhams or CBUAE-approved dirham-backed stablecoins.
The development supports Dubai’s broader ambitions for a cashless economy and further strengthens the emirate’s positioning as a global hub for digital assets and fintech innovation.
Crypto.com stated that, as the only virtual asset service provider currently holding an SVF license in the UAE, it will require users seeking access to these payment services to onboard through the company’s VARA-licensed platform.
The company added that, subject to additional approvals from the central bank, the license would also enable future crypto payment integrations with Emirates and Dubai Duty Free.
Eric Anziani said the approval reflects the company’s commitment to regulatory compliance and to developing the digital asset ecosystem in the UAE.
Mohammed Al Hakim said the partnership with Dubai Finance would help support the emirate’s cashless strategy while advancing the adoption of digital payments.
The UAE has emerged as one of the world’s most active jurisdictions for regulated digital asset activity, with Dubai in particular accelerating frameworks for virtual assets, blockchain infrastructure, and fintech innovation.
Industry analysts say the latest approval further highlights the UAE’s strategy of balancing regulatory oversight with efforts to attract global digital asset firms and investment into the country’s growing digital economy ecosystem.
The move also reflects growing global efforts to integrate regulated stablecoins and virtual-asset payment systems into mainstream financial infrastructure.
