Crypto.com has secured a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE), becoming the first virtual asset service provider in the country to receive the approval.
The approval activates Crypto.com's partnership with Dubai Finance, enabling UAE residents to pay government service fees using digital assets within a regulated framework aligned with Dubai's cashless strategy. All settlements will be processed in UAE dirhams or Central Bank-approved dirham-backed stablecoins.
As the sole holder of this license, users seeking government digital payment services via crypto assets must register through Crypto.com's VARA-licensed Dubai platform. The company also indicated the license could extend to payment services with Emirates Airline Group and Dubai Duty Free, pending final Central Bank approvals.
The milestone reinforces the UAE's positioning as a leading regulated digital finance hub.
Gulf Economist Staff Writer