Crypto.com has secured a Stored Value Facilities (SVF) license from the Central Bank of the United Arab Emirates, enabling users to settle Dubai government fees through digital assets on its platform. Under this authorization, payments initiated in cryptocurrencies will be converted and settled in UAE dirhams or dirham-backed stablecoins approved by the central bank.
The license activates Crypto.com's partnership with Dubai’s Department of Finance, supporting the emirate’s broader push toward cashless transactions. This move positions the platform as a key player in facilitating digital asset payments for government services, aligning with Dubai’s strategy to integrate cryptocurrency into everyday financial operations.
The SVF license is granted to Crypto.com’s local entity, Foris DAX Middle East FZE. Beyond government fees, Crypto.com envisions extending this crypto-to-dirham payment model to commercial sectors, subject to future approvals. Speculative plans include integrations for payments with Emirates Airlines and Dubai Duty Free, which would mark significant expansions in the UAE’s crypto payment ecosystem.
Crypto.com already holds a Virtual Asset Service Provider license from the Dubai Virtual Assets Regulatory Authority (VARA), affirming its compliance focus within the region’s evolving regulatory framework. This new SVF license complements its growing global regulatory presence, including approvals to operate under Europe’s Markets in Crypto Assets (MiCA) regulations and conditional U.S. charters for digital asset custody.
In parallel with payments, Crypto.com is broadening its offerings with event-based derivatives and prediction markets through a regulated U.S. affiliate. This strategy reflects the company’s approach to combine rigorous regulatory compliance with a diverse portfolio of crypto trading and payment services worldwide.