- Crypto.com is the first VASP to receive a UAE Central Bank Stored Value Facilities (SVF) license.
- UAE residents can now pay government fees using crypto via the Crypto.com platform.
- Crypto is auto converted to UAE dirhams before settlement, not paid directly.
The Central Bank of the UAE has granted a Stored Value Facilities (SVF) license to Foris DAX Middle East FZE, the UAE entity of crypto exchange Crypto.com, making it the first Virtual Asset Service Provider in the country to receive the designation.
The license allows UAE residents to pay government fees using digital assets through Crypto.com’s platform, activating a previously announced partnership with the Dubai Department of Finance.
Crypto.com separately holds a VARA license from Dubai’s virtual asset regulator, giving it dual regulatory standing that no other crypto firm in the UAE currently holds.
How the Payments Actually Work
Residents do not pay government fees directly in cryptocurrency. Digital assets are automatically converted into UAE dirhams before settlement. All transactions are completed in dirhams or Central Bank-approved dirham-backed stablecoins exclusively within the SVF framework.
Because Crypto.com is currently the only VASP in the UAE holding an SVF license, any resident seeking to use virtual asset payment services under this framework must be onboarded through Crypto.com’s platform.
What Else Does the License Unlock
Beyond government fees, the SVF license enables Crypto.com to initiate crypto payment integrations with Emirates Airlines and Dubai Duty Free, subject to additional regulatory approvals from the Central Bank. Both partnerships were previously announced but could not be activated without the SVF designation in place.
The Broader UAE Picture
The license directly supports the Dubai Cashless Strategy, the emirate’s formal initiative to shift the majority of financial transactions away from cash.
The UAE has moved quickly on digital asset infrastructure across multiple fronts in recent weeks. The country developed a regulated framework for swapping dirham and dollar stablecoins. BNY expanded crypto custody services in Abu Dhabi. VARA introduced new rules for crypto derivatives trading on licensed platforms.
The Crypto.com license adds another layer to that buildout, extending regulated digital asset payment rails into the public sector for the first time in the country.
Related: UAE Builds Regulated Rails for Swapping Dirham and Dollar Stablecoins
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