Crypto.com
has received In-Principle Approval from the Central Bank of the United Arab
Emirates to operate under a Stored Value Facilities (SVF) license,
allowing the platform to process stablecoin and dirham payments for
Dubai government services.
The approval
enables Foris DAX Middle East FZ-LLC, which operates as Crypto.com, to secure
provisional authorization for an SVF license. Once final approval is granted, it allows the company to expand into regulated digital payments in the country.
Digital assets meet tradfi in London at the fmls25
Central Bank-Licensed Digital Wallet
According to
the company, residents will be able to pay Dubai government fees using digital
assets held on Crypto.com’s platform. The service will convert the assets into
UAE dirhams (AED) during checkout and settle transactions via a Central
Bank-licensed digital wallet. Government departments will receive funds in
dirhams or dirham-pegged stablecoins.
“Increasing everyday utility of digital assets is central to
our vision at Crypto.com,” commented Eric Anziani, President and COO of Crypto.com
Group. “This latest regulatory milestone is a testament to both our commitment to
responsible innovation, as well as to the UAE for seeing the promise of
regulated digital commerce.”
Once full
approval is granted, the company will reportedly facilitate crypto-to-fiat
payments within a Central Bank-regulated framework—marking one of the first
large-scale integrations of digital assets into public service payments in the
Gulf.
The system
enables users to pay government fees using any digital assets held on
Crypto.com’s platform. During checkout, the platform converts the crypto holdings into UAE dirhams and completes the transaction using a Central
Bank-licensed digital wallet.
Dubai
government departments will receive the settlement directly in dirhams or
stablecoins pegged to the local currency, ensuring no volatility exposure
during the transaction.
Crypto.com
stressed that the model offers a compliant pathway for everyday payments,
extending the role of digital assets beyond speculation and investment.
Regulatory
Oversight and Compliance
Dubai’s
Virtual Assets Regulatory Authority already oversees trading and custody
activity, while the Central Bank now oversees digital payment mechanisms
through SVF licensing.Crypto.com’s
progress suggests that government-linked payment use cases for stablecoins may
soon become part of everyday life in the UAE—potentially accelerating
mainstream adoption in the region and beyond.
Expect ongoing updates as this story evolves.
This article was written by Jared Kirui at www.financemagnates.com.
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