TLDR:
- Crypto.com’s UAE unit receives first-ever Central Bank approval for a Stored Value Facilities license.
- The approval allows residents to pay government fees in crypto converted instantly to UAE dirhams.
- The final license will follow a full system inspection and compliance verification by the UAE regulator.
- The approval highlights UAE’s growing adoption of regulated digital asset payment frameworks.
Crypto.com’s expansion into the Middle East just reached a major milestone. The company’s UAE arm, Foris DAX Middle East FZ-LLC, received In-Principle Approval from the Central Bank of the United Arab Emirates.
Once finalized, the license will let residents pay government fees using their crypto holdings, which will be automatically converted into UAE dirhams.
The approval marks the first time a Virtual Asset Service Provider has received this authorization in the region. It positions the UAE as one of the first jurisdictions enabling regulated crypto-to-fiat government transactions.
UAE Central Bank Grants First Crypto Stored Value License
According to the company’s release, the Stored Value Facilities (SVF) license will allow Crypto.com to operate digital payment services for local government entities. The license covers settlements made exclusively in UAE dirhams or dirham-pegged stablecoins.
The new system will enable residents to make payments using any supported digital assets, with instant conversion handled by Crypto.com’s Central Bank-licensed wallet. Dubai government offices will then receive the funds directly in dirhams or stablecoins backed by the local currency.
Eric Anziani, President and COO of Crypto.com Group, said the development shows the company’s long-term commitment to building real-world use cases for digital assets. He added that the firm’s focus remains on expanding crypto utility while meeting all compliance standards.
The company stated that the approval underscores collaboration between regulators and exchanges to enable compliant digital payment frameworks. It also represents a practical step toward bridging the gap between virtual assets and local financial infrastructure.
Crypto.com Path Toward Full Licensing and Compliance
Before full activation, Crypto.com will continue operating under a Restricted Wallet Provider model as required by the Central Bank. During this stage, the company must secure approval for any changes to its business operations and maintain strict oversight.
The Central Bank will conduct a detailed on-site inspection through its Supervision, Market Conduct, and AML divisions. The inspection will confirm system readiness, data security, and compliance with Anti-Money Laundering and Combating the Financing of Terrorism protocols.
Foris DAX Middle East reaffirmed its adherence to all UAE legislation covering financial record-keeping and international compliance standards. Once all technical and regulatory conditions are met, the Central Bank will issue the final Stored Value Facilities license.
The In-Principle Approval remains valid for one year, giving the company enough time to complete all regulatory checks and readiness tests before full rollout of the service.