Crypto.com has become the first VASP in the UAE, through its UAE entity Foris DAX Middle East FZE, to receive a Stored Value Facilities (SVF) license from the Central Bank of the UAE, allowing it to offer crypto payments in the UAE.
In October 2025, Foris DAX Middle East received In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for a Stored Value Facilities (SVF) license, which will allow it to provide digital payment services for Dubai government fees in UAE Dirham or Dirham pegged stablecoins.
A Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE) is a mandatory regulatory authorization required for any entity, other than a bank, to issue or manage prepaid digital wallets, multi-merchant prepaid cards, and other similar payment instruments. It regulates non-cash, pre-funded instruments used for payments.
Crypto.com offers crypto payment for government services in the UAE
The license will allow Crypto.com to enable virtual asset and stablecoin payments for government services, including the agreements it has already signed with the Dubai Department of Finance. Crypto.com can now support Dubai’s Department of Finance to offer residents in the UAE with the ability to pay governmental fees with virtual assets.
As per the press release, all financial settlements will be conducted in UAE dirhams or CBUAE-approved AED backed stablecoins exclusively through the SVF framework, allowing secure payments and supporting the advancement of the Dubai Cashless Strategy.
As the only VASP with an SVP license it would mean that anyone wanting to use these virtual asset payment services in the UAE would need to be onboarded by Crypto.com’s globally-recognized, VARA-licensed platform.
Following the required approvals from the CBUAE, the SVF license will also allow Crypto.com to initiate its crypto payment integrations with Emirates Airlines & Dubai Duty Free.
Eric Anziani, President and COO of Crypto.com, noted that this is an incredible achievement and proves their strong commitment to compliance.
While Mohammed Al Hakim, President and GM of UAE and Bahrain at Crypto.com added, “We are now able to offer what no other digital asset platform can, by providing exclusive digital asset payment services for Dubai Government fees to residents in the UAE. It is such an honor to be able to now launch our Dubai Finance partnership and play our role in not only enabling the cashless strategy, but also advancing the future of digital payments in the UAE.”
Over the past year and a half, Crypto.com has signed several agreements with private and public sector entities to offer crypto payments. These included Emarat Energy, Dubai Land Department, Dubai Duty Free, and Emirates Airlines to allow its customers to make crypto payments using Crypto.com’s exchange services.
This comes as AE Coin, the first AED stablecoin to be licensed in the UAE, signs up clients, both governmental and private, including Abu Dhabi governmental entities, and most recently, Nephos Group in the UAE, which has over 500 clients.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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