Crypto.com becomes first crypto firm licensed by UAE Central Bank

Dubai: Crypto.com has become the first virtual asset service provider in the UAE to secure a Stored Value Facilities (SVF) licence from the Central Bank of the UAE, a landmark approval that will allow the company to offer regulated digital asset payment services to government entities across the country.

The licence was granted to the company’s UAE entity, Foris DAX Middle East FZE, a major step in integrating digital assets into mainstream financial and government payment systems in the Emirates.

Under the approval, Crypto.com will be able to activate its strategic partnership with Dubai Finance, enabling UAE residents to pay government service fees using digital assets through a regulated framework aligned with Dubai’s cashless strategy and broader ambitions to strengthen its digital economy.

All financial settlements will be processed either in UAE dirhams or dirham-backed stablecoins approved by the Central Bank, and exclusively through the regulator’s SVF framework.

The approval also gives Crypto.com a unique position within the country’s digital asset sector. As the only virtual asset company currently holding this specific licence in the UAE, users and entities seeking to utilise government digital payment services through crypto assets will be required to register via Crypto.com’s VARA-licensed platform in Dubai.

The company said the licence could also pave the way for future digital asset payment services with Emirates Airline Group and Dubai Duty Free, both in-store and online, once final operational approvals are completed by the Central Bank.

The development highlights the UAE’s accelerating efforts to position itself as a global centre for digital finance, blockchain technologies and regulated virtual asset innovation.

Eric Anziani, President and Chief Operating Officer of Crypto.com, said the approval is “an exceptional milestone by every measure”, saying it reflected the company’s commitment to regulatory compliance, operational security and financial innovation.

He added that the UAE has become “one of the world’s most advanced markets” in digital economy regulation and modern financial legislation.

Eric Anziani, President and COO of Crypto.com said: “To be the first VASP to receive this license is an incredible achievement and proves our strong commitment to compliance and to advancing the regulated digital assets ecosystem in the UAE.”

“We are always developing our presence in this forward-thinking, digital-savvy market and continue to lead the way when it comes to offering innovative products and services that are genuinely convenient and seamless for those who own digital assets,” Anziani added. 

Mohammed Al Hakim, President and General Manager for UAE & Bahrain at Crypto.com, added: “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.

“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.”

Founded in 2016, Crypto.com serves millions of users globally and has expanded aggressively across regulated digital finance markets in recent years as governments increasingly move towards formal oversight of cryptocurrency-related services.