Crypto.com has received a Stored Value Facilities (SVF) license from the Central Bank of the United Arab Emirates (CBUAE) through its local subsidiary, Foris DAX Middle East FZE. This clearance means it is the first Virtual Asset Service Provider (VASP) in the country to get this type of license. The license follows an earlier in-principle approval in October 2025, which had paved the way for full authorization.
The SVF license lets Crypto.com operate regulated digital wallets and prepaid instruments in the UAE. These tools are designed to hold customer funds and support payments using both traditional currency and approved virtual assets. The decision strengthens the UAE’s growing regulatory framework for digital payments and virtual assets.
Government Fees and Dirham-Backed Stablecoins
With the license in place, Crypto.com can now activate its partnership with the Dubai Department of Finance to support government payments.
Residents will be able to pay certain Dubai Government fees using virtual assets, with the system settling the value in UAE dirhams or dirham‑backed stablecoins. All flows must run inside the SVF framework and comply with CBUAE rules on stored value and electronic money.
According to the company, settlements will only use UAE dirhams or Central Bank‑approved stablecoins that are pegged to the dirham. This design keeps price risk away from government accounts while still letting users spend crypto at the front end. It also supports Dubai’s wider push toward cashless payments across public services.
First VASP with SVF Authorization
Crypto.com is currently the only VASP in the UAE with an SVF license from the central bank. Any user who wants to use these virtual asset payment services for government fees must onboard through Crypto.com’s regulated platform. The company also holds a separate license from Dubai’s Virtual Assets Regulatory Authority (VARA) for its exchange operations.
The new authorization adds a payments layer to its trading and custody services in the region. Previously, Crypto.com operated under in‑principle approval as a restricted wallet provider while the CBUAE completed checks. The final license confirms that those requirements have been met.
The SVF license first targets crypto‑funded payments for Dubai Government services. Coverage could grow if the central bank approves more use cases and partners. Market reports point to possible future integrations with major local brands such as Emirates Airlines and Dubai Duty Free, still pending regulatory approval.
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