Crypto.com's UAE entity Foris DAX Middle East FZE became the first Virtual Asset Service Provider to receive a Stored Value Facilities (SVF) license from the Central Bank of the UAE, following In-Principle Approval in October 2025. The license enables crypto payment services including digital payments for Dubai government fees through agreements with the Dubai Department of Finance, with all settlements conducted in UAE dirhams or CBUAE-approved AED-backed stablecoins.
SVF license approval
- ▪Crypto.com, through its UAE entity Foris DAX Middle East FZE, became the first VASP in the UAE to receive a Stored Value Facilities (SVF) license from the Central Bank of the UAE
- ▪A Stored Value Facilities (SVF) license from the Central Bank of the UAE is a mandatory regulatory authorization required for any entity, other than a bank, to issue or manage prepaid digital wallets, multi-merchant prepaid cards, and other similar payment instruments
- ▪In October 2025, Foris DAX Middle East received In-Principle Approval (IPA) from the Central Bank of the UAE for a Stored Value Facilities (SVF) license
Crypto payment services scope
- ▪The Stored Value Facilities license allows Crypto.com to enable virtual asset and stablecoin payments for government services in the UAE
- ▪The Stored Value Facilities license allows Crypto.com to offer crypto payments in the UAE
- ▪The Stored Value Facilities license allows Crypto.com to provide digital payment services for Dubai government fees in UAE Dirham or Dirham pegged stablecoins
- ▪All financial settlements through Crypto.com's Stored Value Facilities framework will be conducted in UAE dirhams or CBUAE-approved AED backed stablecoins exclusively
Dubai government partnerships
- ▪Crypto.com can support Dubai's Department of Finance to offer residents in the UAE the ability to pay governmental fees with virtual assets
- ▪Following required approvals from the Central Bank of the UAE, the Stored Value Facilities license will allow Crypto.com to initiate crypto payment integrations with Emirates Airlines and Dubai Duty Free
- ▪Over the past year and a half, Crypto.com signed agreements with Emarat Energy, Dubai Land Department, Dubai Duty Free, and Emirates Airlines to allow customers to make crypto payments using Crypto.com's exchange services
- ▪Crypto.com signed agreements with the Dubai Department of Finance to enable crypto payments for government services
Regional competitive positioning
- ▪Anyone wanting to use virtual asset payment services in the UAE would need to be onboarded by Crypto.com's VARA-licensed platform
- ▪Crypto.com is the only VASP with a Stored Value Facilities license in the UAE
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