Crypto.com Secures SVF License in the UAE
Crypto.com has received a significant boost in its operations within the United Arab Emirates, having secured a Stored Value Facilities (SVF) license from the Central Bank of the UAE for its local entity, Foris DAX Middle East FZE. This achievement marks Crypto.com as the first Virtual Asset Service Provider (VASP) in the nation to obtain such a license, transitioning from a prior in-principle endorsement to a full-fledged licensing status to offer stored-value payment services.
Partnership with Dubai Department of Finance
In October 2025, crypto.news reported that the company had been granted initial approval for the SVF license, contingent on final technical and compliance assessments. Now, with the formal license in place, Crypto.com is set to activate a partnership with the Dubai Department of Finance, enabling residents of the UAE to pay government fees in Dubai using digital currencies through its regulated platform. All transactions will be processed in UAE dirhams or stablecoins that are backed by the dirham, ensuring that government entities receive local currency settlements while users can perform payments using approved digital assets.
User Registration and Compliance
For users to benefit from this service, they must register on Crypto.com’s platform, which is already licensed by the Virtual Assets Regulatory Authority (VARA). As of this announcement, Crypto.com is uniquely positioned as the only VASP in the UAE with an SVF license.
Eric Anziani, the company’s President and COO, emphasized that this licensing accomplishment underscores Crypto.com’s dedication to compliance, a critical aspect for firms operating in the highly regulated financial landscape.
Future Integrations and Cashless Strategy
Furthermore, this license could pave the way for integrating Crypto.com’s payment solutions with Emirates Airlines and Dubai Duty Free, pending necessary approvals from the Central Bank of the UAE. Notably, a Memorandum of Understanding was established between Emirates and Crypto.com in July 2025 to explore the integration of Crypto.com Pay within their payment systems.
This development aligns with Dubai’s ambitious Cashless Strategy, which aims to achieve a remarkable 90% of transactions being cashless across both governmental and private sectors by the year 2026. With increased interest in digital assets, Dubai continues to push forward with initiatives that encompass various aspects of cryptocurrency including payments, tokenized assets, and other regulated crypto products.
