Crypto.com has received a Stored Value Facilities (SVF) license from the Central Bank of the UAE, making it the first virtual asset service provider in the country to obtain this type of approval. According to the company’s announcement, the license lets residents use digital assets through the Crypto.com platform to pay Dubai government service fees, while final settlement is completed in UAE dirhams or central bank-approved dirham-backed stablecoins.
The license applies to Foris DAX Middle East FZE, Crypto.com’s Dubai entity. In its Monday announcement, the company said the approval activates its partnership with Dubai’s Department of Finance under the emirate’s cashless payment strategy. Covered payment categories include government charges such as business licenses, real estate registration, and municipal fees.
Government fee payments move onto a crypto-linked rail
The structure is notable because crypto is used as the funding source, but the receiving side settles in local currency or approved stablecoins. That means the user-facing payment experience is tied to digital assets, while the government collection layer remains anchored to regulated settlement instruments.
President and COO Eric Anziani said in the announcement that becoming the first VASP to receive an SVF license marks an important milestone for the company and reflects its commitment to compliance and to the development of a regulated digital asset ecosystem in the UAE. Mohammed Al Hakim, President of Crypto.com UAE and Bahrain, said the partnership gives the company a service offering that other digital asset platforms do not currently provide: a dedicated crypto payment channel for Dubai government fees.
Airline and duty-free payments are part of the next phase
Crypto.com also said the SVF license is expected to support future payment integrations with Emirates Airlines and Dubai Duty Free. Those services have not gone live yet and still require additional approval from the Central Bank of the UAE.
If those approvals are granted, the same crypto-to-dirham settlement model could expand beyond public-sector payments into travel and retail spending. The payment framework is already in place; the range of use cases could widen from there.
Another regulatory license added to Crypto.com’s global stack
The SVF approval adds to Crypto.com’s broader compliance buildout. The company already holds a VASP license from Dubai’s Virtual Assets Regulatory Authority, according to the source material, and has presented its platform as an institutional-grade venue built around regulated digital asset services.
Outside the UAE, the report says Crypto.com has secured authorization under the EU’s MiCA framework and has also received conditional approval from the US Office of the Comptroller of the Currency for a national trust bank charter. That charter would allow the company to act as a qualified digital asset custodian. The source also notes that Crypto.com has expanded through a compliant US affiliate into event derivatives and prediction markets, keeping regulation and product expansion on the same track.