Crypto.com announced that its UAE entity, Foris DAX Middle East FZE, has received a stored value facility license from the UAE Central Bank.
The company said it was the first virtual asset service provider to be licensed in the Emirates.
This approval moves Crypto.com from its previous principle status to a licensed configuration for stored value payment services. crypto.news reported in October 2025 that the company had received in-principle approval for the same SVF license, pending final technical and compliance checks.
Payment of Dubai government fees approaches
This license allows Crypto.com to enable a partnership with the Dubai Ministry of Finance. The plan will allow UAE residents to pay Dubai government fees using virtual assets through Crypto.com’s regulated platform.
Crypto.com said that under the SVF framework, all payments will be made in UAE dirhams or CBUAE-approved dirham-backed stablecoins. This means that government agencies can accept payments in local currencies and users can initiate payments with supported digital assets.
Additionally, Crypto.com stated that users wishing to access this service will need to onboard through the VARA-licensed platform. The company also said that it was the only VASP with an SVF license in the UAE at the time of the announcement.
The company positioned this approval as part of its compliance efforts. Eric Anziani, president and chief operating officer of Crypto.com, said the license demonstrates the company’s “strong commitment to compliance.” This statement reflects the views of the company and has not been independently verified by the publication.
Emirates and Dubai Duty Free could follow suit.
Crypto.com said the license could allow it to begin cryptocurrency payment integrations with Emirates Airlines and Dubai Duty Free after the necessary CBUAE approvals. Emirates signed a memorandum of understanding with Crypto.com in July 2025 to explore adding Crypto.com Pay to its payment system.
The update also fits in with Dubai’s broader cashless plans. Dubai’s cashless strategy aims to achieve 90% cashless transactions across government and the private sector by 2026. crypto.news also covers Dubai’s broader digital asset push, including payments, tokenized assets and regulated crypto products.
