- Crypto.com says the UAE is setting a global standard for regulated crypto payments after SVF license approval.
- UAE regulators such as the Central Bank and VARA are linking crypto services to traditional payment systems.
- The move supports cashless government payments and strengthens the UAE’s push for a digital finance economy.
Crypto.com says the United Arab Emirates is becoming one of the world’s most important hubs for regulated digital finance as the company secured a major approval from the country’s central bank.
The comments came after Crypto.com became the first virtual asset service provider in the UAE to receive a Stored Value Facilities (SVF) license from the Central Bank of the UAE. The approval could significantly expand the use of crypto in everyday payments across the region.
Latest Regulatory Milestone
In an interview with Coin Edition, Mohammed Al Hakim, President and General Manager of Crypto.com in the UAE and Bahrain, said the approval is much more than just another license.
He explained that the SVF license is an important part of Crypto.com’s long-term plans in the UAE. It could also help link crypto services with the country’s regulated payment system in one of the world’s fastest-growing digital economies.
Al Hakim said the approval allows Crypto.com to continue its partnership with Dubai’s Department of Finance. Under this arrangement, UAE residents could eventually pay government fees using regulated digital asset systems while still complying with local financial laws.
He added that the move supports the UAE’s goal of becoming a global leader in digital finance, blockchain technology, and cashless payments.
Crypto.com Sees UAE as a Global Crypto Leader
According to Al Hakim, the UAE has gone beyond simply participating in the crypto industry. It is now actively shaping the future of regulated digital asset adoption worldwide.
He pointed to the country’s ability to balance innovation with strong oversight as one of the main reasons global crypto firms continue to expand operations there.
Authorities such as the Central Bank of the UAE and Dubai’s Virtual Assets Regulatory Authority (VARA) have helped create a regulatory environment that encourages growth while maintaining consumer protections.
Al Hakim noted that many countries are still trying to determine how digital assets should fit within their financial systems. In contrast, the UAE has already moved toward integrating blockchain-based payments into real-world infrastructure through clear regulatory frameworks.
For Crypto.com, this regulatory clarity makes the UAE one of its most strategic global markets. The company believes the country’s long-term focus on innovation and digital finance creates a strong environment for the next phase of crypto adoption.
The executive also stressed that the UAE’s approach could become a model for other jurisdictions seeking to introduce digital asset regulations without slowing technological development.
Approval Process Involved Extensive Regulatory Review
Al Hakim revealed that obtaining the SVF license involved a detailed operational and compliance review process led by the Central Bank of the UAE.
Since Crypto.com was the first crypto company in the country to apply for this type of license, the regulatory requirements were very strict. The company underwent multiple checks covering its technology, operations, and products before approval was granted.
A key part of the review was ensuring that Crypto.com could safely connect crypto services with regulated payment systems while meeting the same standards expected of traditional financial institutions.
Al Hakim said the process demonstrated how advanced the UAE’s financial regulations have become and highlighted Crypto.com’s commitment to meeting strict security and compliance standards.
The company also emphasized its continued investments in customer protection, operational stability, and close collaboration with regulators across the region. These efforts helped build trust with regulators and increased confidence in allowing a crypto company to operate within the UAE’s broader financial payment system.
Dubai’s Cashless Vision Could Push Crypto Payments Forward
Crypto.com believes the UAE’s move toward cashless payments could accelerate the everyday use of digital assets.
Al Hakim said allowing residents to pay government fees through regulated crypto systems could be the beginning of a broader shift in how people and businesses use public services.
Dubai has spent years building its reputation as a global hub for digital innovation. The city has launched several blockchain projects and continues to support financial technology through regulations and government programs.
According to Al Hakim, using crypto for government payments is a natural next step in that strategy.
Initially, the focus will be on regulated payment systems connected to government services. However, Al Hakim expects digital asset payments to gradually expand into more business and public-sector use cases as adoption increases and the technology improves.
He said this shift shows that digital assets are moving beyond speculative trading and becoming part of real-world financial systems.
His comments also reflect a trend in the crypto industry, where companies are increasingly focusing on practical use cases and payment integration rather than speculation.
Around the world, regulators and financial institutions are exploring how blockchain-based payment systems can make transactions faster, more transparent, and more efficient.
VARA and Central Bank Framework Seen as Key to Trust
Another major point raised by Crypto.com was the importance of combining Dubai’s crypto regulations with the UAE Central Bank’s financial oversight system.
Al Hakim explained that VARA and the Central Bank have different but complementary roles. VARA regulates crypto and virtual asset activities, while the Central Bank oversees the wider financial system, including payment networks and stored value services.
He said operating under both systems creates one of the world’s most comprehensive regulatory frameworks for digital assets.
According to Al Hakim, this allows Crypto.com to build a “fully regulated bridge” between crypto assets and traditional financial systems. This could support government payment services today and potentially merchant payment systems in the future.
He added that this two-layer regulatory structure is important for consumers, businesses, government agencies, and international partners seeking trust and stability in the digital asset sector.
Al Hakim also said that working under both regulators strengthens Crypto.com’s focus on security, compliance, and long-term growth.
The company believes this framework could further boost the UAE’s reputation as a leading global hub for regulated digital finance, especially as many countries are still developing their crypto regulations.
As governments around the world continue deciding how digital assets should fit into the future financial system, the UAE is positioning itself as one of the first major economies to fully integrate regulated crypto infrastructure into everyday financial activity.
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