Crypto.com gets UAE central bank SVF license

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Crypto.com gets UAE central bank SVF license

May 11, 2026

DUBAI,— The Central Bank of the United Arab Emirates has issued a Stored Value Facilities license to Foris DAX Middle East FZE, the UAE entity of Crypto.com, the company said on Monday.

The company said this makes it the first Virtual Asset Service Provider in the Emirates to hold such authorization.

The approval allows Crypto.com to move forward with its agreement with the Dubai Department of Finance.

Under the arrangement, residents in the United Arab Emirates will be able to use virtual assets to pay government fees.

All payments will be settled in UAE dirhams or in stablecoins backed by the dirham and approved by the Central Bank, processed under the Stored Value Facilities framework linked to Dubai’s cashless strategy.

Crypto.com said it is the only VASP in the UAE currently holding an SVF license. Users must be onboarded through its VARA-licensed platform before accessing the payment service.

Following additional approvals from the Central Bank of the UAE, the company also plans to expand integrations to include Emirates Airlines and Dubai Duty Free.

The company said the development strengthens its position in regulated digital asset services in the region, with continued emphasis on compliance standards, regulatory alignment, and security infrastructure.

President and Chief Operating Officer Eric Anziani said the approval represents a significant regulatory milestone and reflects the company’s commitment to operating within compliant digital asset frameworks in the UAE.

He said the company continues to expand in what he described as a digitally advanced market, focusing on practical and seamless services for users of digital assets.

Mohammed Al Hakim, president and general manager for UAE and Bahrain, said the partnership with Dubai Finance enables services not offered by any other digital asset platform in the country, specifically allowing payment of government fees using virtual assets.

He said the initiative supports the UAE’s cashless strategy and contributes to the broader evolution of digital payments in the country.

Crypto.com, founded in 2016, says it serves millions of users globally and focuses on regulatory compliance, security, and privacy, while continuing efforts to accelerate the adoption of cryptocurrency services.

In February 2026, the Central Bank of the United Arab Emirates approved the dirham-backed stablecoin DDSC (Dirham-Denominated Stable Coin) for live operation, officials said.

(With files from Crypto.com)