Crypto.com Secures In-Principle Approval for UAE Stored Value Facility License, Enabling Crypto Payments for Government Fees

Foris DAX Middle East, operating as Crypto.com, has received In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for a Stored Value Facilities (SVF) license. This milestone, announced on October 13, 2025, positions Crypto.com as the first Virtual Asset Service Provider (VASP) in the UAE to achieve such regulatory recognition. Once the final license is granted, the company will be authorized to process digital payments for Dubai government fees using UAE dirhams or dirham-pegged stablecoins.

Under this framework, customers can utilize any digital assets held on Crypto.com's regulated platform in Dubai, which will automatically convert them into UAE dirhams for transaction settlement via a central bank-licensed digital wallet. In return, Dubai governmental entities will receive payments in AED fiat currencies or AED-backed stablecoins. Eric Anziani, President and COO of Crypto.com Group, emphasized, "Increasing everyday utility of digital assets is central to our vision at Crypto.com. This latest regulatory milestone is testament to both our commitment to responsible innovation, as well as to the UAE for seeing the promise of regulated digital commerce."

The IPA is valid for one year from issuance, during which Crypto.com will operate as a Restricted Wallet Provider under CBUAE conditions and seek prior approval for any business model changes. The final license hinges on meeting technical and regulatory requirements, including on-site inspections by the central bank's supervision, market conduct, and anti-money laundering (AML) departments to verify system readiness. Crypto.com has already signed agreements with key UAE entities, such as Dubai Duty Free, the Dubai Department of Finance, Emarat Energy Company, and the Dubai Land Department, to explore crypto payments and blockchain applications in sectors like real estate and energy.

This development aligns with the UAE's progressive stance on digital finance, where 25.3% of residents hold cryptocurrencies, and the country ranked third globally on the 2024 Henley & Partners Crypto Adoption Index. Crypto.com, which holds a Dubai Virtual Assets Regulatory Authority (VARA) license, continues to strengthen its regional presence through partnerships with entities like Tawasal, further integrating digital assets into daily transactions.