Crypto.com Gets UAE SVF License to Take Dubai Crypto Payments

Crypto.com announced Monday that the Central Bank of the United Arab Emirates granted a Stored Value Facilities (SVF) license to its Dubai entity, Foris DAX Middle East FZE, which trades as Crypto.com. The authorization lets residents fund payments on Crypto.com’s platform using cryptocurrencies while final settlement is made in UAE dirhams or in dirham-backed stablecoins approved under the SVF framework.

The SVF license enables Crypto.com to activate a partnership with Dubai’s Department of Finance to provide digital asset payment services for government fees as part of Dubai’s cashless payments strategy.

Crypto.com noted the authorization may support future commercial integrations with Emirates Airlines and Dubai Duty Free, but those services would need additional approvals from the UAE central bank before they can begin.

The new license expands Crypto.com’s regulatory profile in the UAE, where the firm already holds a Virtual Asset Service Provider license from the Virtual Assets Regulatory Authority. Outside the UAE, Crypto.com has pursued approvals including licensing under the European Union’s Markets in Crypto-Assets (MiCA) framework and conditional clearance from the U.S. Office of the Comptroller of the Currency for a national trust bank charter to serve as a qualified digital-asset custodian.

The SVF framework permits licensed local entities to handle stored-value and payment activities that convert customer-funded digital assets into local-currency settlements or approved stablecoins. Crypto.com indicated its Dubai operations will require further operational and regulatory clearances before any commercial rollouts beyond government payments.