Crypto.com has become the first Virtual Asset Service Provider (VASP) in the United Arab Emirates to obtain a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE). The approval, received by its local entity Foris DAX Middle East FZE, allows the exchange to activate its partnership with the Dubai Department of Finance and offer regulated virtual asset payment services for Dubai government fees.
The license advances Crypto.com from an in-principle approval stage—first reported in October 2025—to a fully operational setup. Under the SVF framework, all settlements will be conducted in UAE dirhams or CBUAE-approved dirham-backed stablecoins, ensuring government entities receive local-currency payments while users initiate transactions with supported digital assets. Access to the service will require onboarding through Crypto.com’s existing VARA-licensed platform.
Eric Anziani, President and COO of Crypto.com, called the license a demonstration of the company’s “strong commitment to compliance.” The approval also opens the door for future integrations with Emirates Airlines and Dubai Duty Free, contingent on additional CBUAE authorizations, following a Memorandum of Understanding signed with Emirates in July 2025.
The move aligns with the Dubai Cashless Strategy, which targets 90% cashless transactions across public and private sectors by 2026. By embedding crypto payments into government services—a traditionally high-trust environment—Crypto.com gains both regulatory exclusivity and a direct channel for user acquisition, strengthening its regional footprint in one of the world’s most advanced digital asset hubs.
