Foris DAX Middle East, trading as Crypto.com, has received In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for a Stored Value Facilities (SVF) license which will allow it to provide digital payment services for Dubai government fees in UAE Dirham or UAE Dirham-backed stablecoins.
Once the final license is granted, the company will be able to provide digital payment services for Dubai Government fees in UAE dirhams or dirham-pegged stablecoins, through the SVF framework.
Customers will be able to pay using any digital assets held on Crypto.com’s regulated platform in Dubai, which will convert assets into UAE dirhams and complete transactions via the central bank-licensed digital wallet.
In return, Dubai governmental entities will receive settlements in AED fiat currencies or AED-backed stablecoins.
Eric Anziani, President and COO of Crypto.com Group, said, “Increasing everyday utility of digital assets is central to our vision at Crypto.com. This latest regulatory milestone is testament to both our commitment to responsible innovation, as well as to the UAE for seeing the promise of regulated digital commerce.”
During this phase, the company will operate as a Restricted Wallet Provider under conditions set by the central bank and will seek prior approval for any business model changes.
The final license will be issued once technical and regulatory requirements are met, including an on-site inspection by the central bank’s supervision, market conduct, and AML departments to verify system readiness.
The license remains valid for one year from the date of issuance, giving the company a defined timeframe to demonstrate system readiness, compliance with anti-money laundering, terrorism financing, and proliferation financing laws, and ensuring it is fully aligned with local record-keeping standards.
Crypto.com has signed agreements with Dubai governmental entities
Crypto.com in the UAE, which is licensed by Dubai’s VARA, has over the past year signed multiple agreements geared towards crypto payments using stablecoins with governmental and semi-governmental entities across the UAE, including Dubai Duty Free, as well as with the Dubai Department of Finance (DOF).
Prior to this, Crypto.com exchange partnered with Emarat Energy Company to offer crypto payment options at select Emarat service stations. As per the LinkedIn post, the expansion depends on regulatory approvals and customer demand.
Additionally, Crypto.com signed an MOU with Dubai Land Department (DLD) to explore the use of blockchain and digital currencies in the real estate sector.
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