Crypto.com has solidified its legal standing in the Emirates. According to a company statement, its local entity, Foris DAX Middle East FZE, was granted a Stored Value Facilities (SVF) license by the Central Bank of the UAE.
This makes the platform the first Virtual Asset Service Provider (VASP) in the country to hold a banking-level permit of this type.
Government-level crypto payments
Securing the SVF license allows the company to activate its partnership with the Dubai Department of Finance. For everyday users, this translates to the ability to pay government fees and service charges using digital assets.
According to the announcement, all financial settlements within this system will be conducted in UAE dirhams or dirham-backed stablecoins approved by the Central Bank. The framework is designed to ensure transaction security while supporting the "Dubai Cashless Strategy."
Integration monopoly
At present, Crypto.com remains the only VASP in the UAE with an SVF license. To utilize these new payment services, users must undergo verification on the company’s platform, which is already licensed by the local regulator, VARA.
"Following final approvals from the Central Bank, the company plans to initiate crypto payment integrations with major regional partners, including Emirates Airlines and Dubai Duty Free," the press release stated.
For the digital asset sector, this represents a direct bridge to the mass consumer through everyday transactions.
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