The UAE has taken another major step towards becoming a global digital finance hub after Crypto.com became the first cryptocurrency platform to receive a Stored Value Facilities (SVF) license from the Central Bank of the UAE.The license was granted to the company’s regional unit, Foris DAX Middle East FZE, allowing the platform to provide regulated digital asset payment services in the emirate. The approval marks a historic moment for the country’s crypto industry as it places virtual asset payments directly within the UAE’s regulated financial system.Under the new framework, UAE residents will soon be able to pay government service charges using cryptocurrencies through Crypto.com’s platform. Payments will be processed through a regulated system linked to Dubai’s broader cashless economy strategy.Officials said all settlements will eventually be converted into UAE dirhams or dirham-backed stablecoins approved by the Central Bank, ensuring that the government does not directly handle the volatile cryptocurrency.
Crypto has become mainstream in the UAE
The approval activates Crypto.com’s partnership with Dubai Finance, which was previously announced during the Dubai Fintech Summit. The partnership is expected to support Dubai’s ambitious goal of making 90 percent of all transactions cashless by 2026.Once the technical rollout is complete, individuals and businesses will be able to use the digital wallet linked to Crypto.com to pay for government-related services. The company’s platform will instantly convert crypto payments into dirhams before transferring the funds to government accounts.Dubai authorities estimate that the widespread cashless transition could add approximately AED8 billion annually to the economy by boosting financial technology innovation and digital commerce.The license also gives Crypto.com a unique market position in the UAE. As the only virtual asset service provider currently holding this specific SVF approval, users wishing to access government crypto payment services will need to join via Crypto.com’s VARA-licensed platform.
emirates airline, dubai duty free accept crypto soon
Central bank approval could also pave the way for crypto-powered payment systems beyond government services.Crypto.com said the license could eventually support digital asset payments integration with Emirates Airline and Dubai Duty Free online and at physical locations once additional regulatory approvals are completed.If implemented, travelers may be able to pay for airline bookings, purchases and travel-related services using the digital asset, while merchants will continue to receive payments in dirhams. Analysts say this model helps ease volatility concerns while expanding crypto use in the real world.The development comes as the UAE is rapidly expanding its virtual asset regulatory framework. In recent years, Dubai established the Virtual Assets Regulatory Authority (VARA), while federal authorities also broadened central bank oversight of crypto-related payment services under updated financial legislation.
Crypto.com expands presence in UAE
Crypto.com executives hailed the license as a decisive milestone for both the company and the UAE’s digital economy ambitions.Eric Anziani, president and COO of Crypto.com, said the approval reflects the company’s focus on compliance, security and regulated financial innovation. He described the UAE as one of the world’s most advanced markets in digital economy legislation and crypto regulation.Mohammed Al Hakeem, president and general manager of Crypto.com UAE and Bahrain, said the company can now provide services “no other digital asset platform can offer” by enabling regulated crypto payments for Dubai government fees.Founded in 2016, Crypto.com has aggressively expanded into regulated markets around the world and now serves millions of users globally. The company already holds a VARA license in Dubai and is strengthening partnerships in the UAE’s fintech and blockchain ecosystem.Industry experts say the latest approval further cements the UAE’s reputation as one of the most crypto-friendly and regulation-focused markets globally, especially at a time when many countries are still debating how to integrate digital assets into mainstream financial systems.