Crypto.com said Monday its UAE entity, Foris DAX Middle East FZE, received a Stored Value Facilities license from the Central Bank of the UAE, allowing it to facilitate digital asset payments for government services.
In a Monday statement, the exchange said no other VASP in the Emirates currently holds the SVF license, making Crypto.com the only approved channel for these transactions.
According to the statement, the license builds on a May 12, 2025, agreement between Crypto.com and Dubai Finance, which set out a “world-first” framework for crypto-based government payments under the Dubai Cashless Strategy.
The initiative targets more than 90% of transactions across public and private sectors via cashless methods by 2026, Amna Mohammed Lootah, Director of Digital Payment Systems Regulation, said last year.
“We are now able to offer what no other digital asset platform can, by providing exclusive digital asset payment services for Dubai Government fees to residents in the UAE,” Mohammed Al Hakim, Crypto.com’s President and GM for UAE & Bahrain, said in the statement. “It is such an honour to be able to now launch our Dubai Finance partnership and play our role in not only enabling the cashless strategy, but also advancing the future of digital payments in the UAE.”
Crypto.com said users seeking access to the payment services must be onboarded through its VARA-licensed platform, with approvals required under the Central Bank of the UAE’s framework. The exchange said settlements will be conducted in UAE dirhams or CBUAE-approved dirham-backed stablecoins.
Beyond public sector fees, the exchange said the SVF license paves the way for its crypto payment integrations with Emirates Airlines and Dubai Duty Free.