Crypto exchange Crypto.com announced that its United Arab Emirates entity has been granted a stored value facilities license, enabling payment of government fees with cryptocurrencies.
Crypto exchange Crypto.com has announced on May 11 that its United Arab Emirates (UAE) entity, Foris DAX Middle East FZE, has been granted a stored value facilities (SVF) license by the Central Bank of the UAE (CBUAE). This achievement makes Crypto.com the first virtual asset service provider (VASP) in the UAE to secure this specific regulatory status.
In a media statement, the crypto exchange characterized the license as the “missing link” for retail crypto utility in the region. With the SVF authorization, Crypto.com, through its partnership with the Dubai Department of Finance, enables residents to pay government fees using virtual assets.
To ensure financial stability, all settlements will be processed in UAE dirhams or CBUAE-approved dirham-backed stablecoins. The SVF license also clears the path for Crypto.com to integrate crypto payment options with major regional players, including Emirates Airlines and Dubai Duty Free.
“To be the first VASP to receive this license is an incredible achievement and proves our strong commitment to compliance and to advancing the regulated digital assets ecosystem in the UAE,” said Eric Anziani, President and COO of Crypto.com.
