Crypto exchange operator Crypto.com has announced that its UAE entity, Foris DAX Middle East FZE, has been granted a Stored Value Facilities (SVF) license by the Central Bank of the UAE (CBUAE), making it the first Virtual Asset Service Provider (VASP) in the Emirates to receive this license.

Having secured an SVF license, Crypto.com said that it can now activate its partnership with the Dubai Department of Finance, which will provide residents in the UAE with the ability to pay Government fees with virtual assets. All financial settlements will be conducted in UAE dirhams or CBUAE-approved dirham backed stablecoins exclusively through the SVF framework, allowing secure payments and supporting the advancement of the Dubai Cashless Strategy.

Crucially, as the only VASP to hold an SVF license in the UAE, anyone wanting to use these virtual asset payments services in the UAE needs to have been onboarded by Crypto.com’s globally-recognised, 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.

The company said that this milestone further cements Crypto.com’s position as a leading digital assets platform in the region, with highly trusted compliance and security protocols.

Eric Anziani, President and COO of Crypto.com said,

“To be the first VASP to receive this license is an incredible achievement and proves our strong commitment to compliance and to advancing the regulated digital assets ecosystem in the UAE. We are always developing our presence in this forward-thinking, digital-savvy market and continue to lead the way when it comes to offering innovative products and services that are genuinely convenient and seamless for those who own digital assets.”

Mohammed Al Hakim, President and GM, UAE & Bahrain for Crypto.com said,

“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 honour 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.”

About Crypto.com

Founded in 2016, Crypto.com is trusted by millions of users worldwide and is the industry leader in regulatory compliance, security and privacy. Our vision is simple: Cryptocurrency in Every Wallet™. Crypto.com is committed to accelerating the adoption of cryptocurrency through innovation.