KEY TAKEAWAYS
- Crypto.com secures In-Principle Approval from the UAE Central Bank for a Stored Value Facilities license, marking a significant regulatory milestone.
- The license will enable Crypto.com to offer digital payment services for Dubai Government fees, settled in UAE dirhams or dirham-pegged stablecoins.
- Crypto.com will initially operate as a Restricted Wallet Provider, adhering to strict AML and CFT regulations.
October 13, 2025 – Foris DAX Middle East FZ-LLC, operating as Crypto.com, has announced that it has received In-Principle Approval (IPA) from the Central Bank of the United Arab Emirates (CBUAE) for a Stored Value Facilities (SVF) license. This makes Crypto.com the first Virtual Asset Service Provider (VASP) in the UAE to achieve such a milestone.
Upon obtaining the final license, Crypto.com will be authorized to offer digital payment services for Dubai Government fees to UAE residents. All financial transactions will be settled in UAE dirhams or dirham-pegged stablecoins, utilizing the Stored Value Facilities framework.
The company has developed an innovative model that allows customers to use any digital assets they own for payments. These assets will be automatically converted into UAE dirhams and the transaction will be completed instantly via the digital wallet licensed by the Central Bank. Dubai government entities will receive settlements in UAE dirhams or dirham-pegged stablecoins.
Regulatory Milestone and Future Plans
Eric Anziani, President and COO of Crypto.com Group, stated that increasing the everyday utility of digital assets is central to the company’s vision. He emphasized that this regulatory milestone reflects Crypto.com’s commitment to responsible innovation and the UAE’s support for regulated digital commerce.
Alain Yacine, President of Middle East & Latin America for Crypto.com, praised the Central Bank of the UAE for its collaborative approach in developing regulatory frameworks that open new opportunities for commerce.
Mohammed Al Hakim, President and GM of UAE of Foris Dax Middle East FZE, expressed pride in being the first VASP to receive In-Principle approval for an SVF license in the market. He highlighted the eagerness of both consumers and merchants in the UAE to engage in digital commerce.
Compliance and Operational Framework
During the initial phase, Crypto.com will operate as a Restricted Wallet Provider, adhering to the conditions set by the Central Bank. The company will seek prior approvals for any changes to its business model and remains committed to Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) obligations, in line with UAE legislation and international standards.
The final license will be granted once all technical and regulatory requirements are fulfilled, following an on-site inspection by the Central Bank’s Supervision, Market Conduct, and AML departments to verify system readiness. The In-Principle Approval is valid for one year from the date of issuance.
For more information, the announcement can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
Crypto.com has received In-Principle Approval from the Central Bank of the UAE for a Stored Value Facilities license, marking a significant milestone as it becomes the first Virtual Asset Service Provider in the UAE to achieve this status. This development enables Crypto.com to offer digital payment services for government fees in the UAE, facilitating transactions in UAE dirhams or dirham-pegged stablecoins.
Recent industry reports indicate that the UAE’s digital payment landscape is characterized by rapid adoption of digital wallets, real-time payment platforms, and innovative fintech solutions, supported by strong government initiatives and regulatory frameworks. This aligns with Crypto.com’s milestone, as it reflects the broader trend of digital transformation and fintech growth in the UAE.
According to expert insights, the UAE’s regulatory environment for stored value facilities and cryptoassets is significantly evolving, with stricter AML/CFT rules enhancing market integrity and investor protection. This supports Crypto.com’s regulatory compliance through its SVF license, aligning with the UAE’s strategic push to become a leading, well-regulated global crypto hub by fostering institutional trust.
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