Crypto.com Receives UAE Central Bank Stored Value Facilities License for Dubai Government Payments

Crypto.com became the first virtual asset service provider in the United Arab Emirates to receive a Stored Value Facilities licence from the Central Bank of the UAE, with the licence granted to its UAE entity, Foris DAX Middle East FZE.

The SVF licence gives Crypto.com exclusive access to process cryptocurrency payments for government services in the country, enabling a partnership with the Dubai Department of Finance so UAE residents can pay government fees using virtual assets.

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All financial settlements will be conducted in UAE dirhams or Central Bank-approved dirham-backed stablecoins through the SVF framework, in support of Dubai’s broader Cashless Strategy.

The licence also positions Crypto.com as the sole virtual asset service provider holding an SVF licence in the UAE, meaning any resident wishing to use virtual asset payment services for government fees must be onboarded through Crypto.com’s platform.

Eric Anziani, President and Chief Operating Officer of Crypto.com, described the licensing milestone as proof of the company’s commitment to compliance, saying, "To be the first VASP to receive this license is an incredible achievement".

Crypto.com said the SVF licence clears the path—pending final CBUAE approvals—for it to launch crypto payment integrations with Emirates Airlines and Dubai Duty Free, extending the same regulated digital-asset-to-dirham settlement model into commercial transactions.

The Crypto Times said the regulatory process began in October 2025 when Crypto.com received in-principle approval, and that the full SVF grant gives the platform exclusive positioning as the only VASP holding the licence.

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Under the arrangement with the Dubai Department of Finance, UAE residents can pay government service fees using virtual assets through Crypto.com’s platform, while settlements are processed in UAE dirhams or CBUAE-approved dirham-backed stablecoins exclusively through the SVF framework.

The Block reported that Crypto.com said users seeking access to the payment services must be onboarded through its VARA-licensed platform, with approvals required under the Central Bank of the UAE’s framework.

Mohammed Al Hakim, Crypto.com’s President and General Manager for the UAE and Bahrain, 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.

The SVF licence is framed as part of Dubai’s Cashless Strategy, which targets 90% cashless transactions across both public and private sectors by 2026, and one report said Dubai officials estimated the transition could add at least AED 8 billion ($2.1 billion) annually to the emirate’s economy.

FinanceFeeds described the SVF framework as empowering Crypto.com to facilitate direct payments for Dubai government services while ensuring the government receives funds exclusively in UAE Dirhams or central bank-approved, dirham-backed stablecoins.

Gulf News said the approval also gives Crypto.com a unique position within the country’s digital asset sector, requiring users and entities seeking to utilise government digital payment services through crypto assets to register via Crypto.com’s VARA-licensed platform in Dubai.

The Crypto Times added that the partnership with the Dubai Department of Finance was first announced at the Dubai FinTech Summit in May 2025, and that the Emirates and Dubai Duty Free integrations were formalized in July 2025 through a Memorandum of Understanding signed in the presence of HH Sheikh Ahmed bin Saeed Al Maktoum.

Eric Anziani said the approval reflected Crypto.com’s commitment to regulatory compliance, operational security and financial innovation, calling it "an exceptional milestone by every measure".