Crypto.com secures SVF license from Central Bank of the UAE, becoming the first VASP to enable crypto payments for government services

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Crypto.com has become the first virtual asset service provider in the UAE to receive a Stored Value Facilities (SVF) license from the Central Bank, allowing Dubai residents to pay government fees with cryptocurrency, with settlements completed in Dirhams or approved stablecoins, and plans to expand to Emirates Airlines and Dubai Duty Free payments in the future. Crypto.com has obtained the Stored Value Facilities (SVF) license issued by the Central Bank of the UAE (CBUAE). According to an official announcement released by Crypto.com on Monday, the license applies to its Dubai-based entity, Foris DAX Middle East FZE. Users can fund their transactions on the Crypto.com platform using digital assets, while final settlement is completed in UAE Dirhams or central bank-approved Dirham-pegged stablecoins. This license directly initiates a partnership between Crypto.com and the Dubai Department of Finance. Under the framework of Dubai’s "Cashless Dubai" strategy, residents will be able to pay various government fees—including business licenses, real estate registration, and municipal taxes—through the Crypto.com platform. Eric Anziani, President and COO of Crypto.com, stated in the announcement that becoming the first VASP to receive an SVF license is a significant milestone, demonstrating the company's commitment to compliance and to fostering a compliant digital asset ecosystem in the UAE. Mohammed Al Hakim, General Manager of Crypto.com for the UAE and Bahrain, noted that this partnership allows Crypto.com to provide services that other digital asset platforms cannot—a dedicated crypto payment channel for Dubai government fees. Beyond government fees, Crypto.com stated that the SVF license will also support future payment integration plans, including crypto payment functions for Emirates Airlines and Dubai Duty Free, though these services are still subject to further approval from the CBUAE. This means the same "crypto-to-Dirham" settlement model could potentially extend from government services to commercial consumption. This SVF license is a continuation of Crypto.com's efforts to strengthen its compliance status globally. The company already holds a Virtual Asset Service Provider license from VARA (Virtual Assets Regulatory Authority) in Dubai and emphasizes that its platform is an institutional-grade, compliance-focused digital asset trading venue. Looking globally, Crypto.com has obtained an operating license under the EU's MiCA (Markets in Crypto-Assets) framework and has received conditional approval from the US Office of the Comptroller of the Currency (OCC) for a national trust bank charter, which would allow it to act as a qualified digital asset custodian. At the same time, Crypto.com is also expanding into event derivatives and prediction markets through its US-compliant subsidiaries, with an overall strategy of combining stricter regulatory oversight with an expanding line of cryptocurrency trading and payment products.

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