Crypto.com gets UAE stored-value license for Dubai fees
Foris DAX Middle East FZE received a CBUAE stored-value facilities license on May 11 to let users pay Dubai government fees in dirhams or approved dirham-backed stablecoins.
Foris DAX Middle East FZE, Crypto.com’s United Arab Emirates unit, was granted a stored value facilities (SVF) license by the Central Bank of the UAE on May 11, 2026. The license allows users to pay Dubai government fees using UAE dirhams or dirham-backed stablecoins approved by the central bank.
The SVF authorization permits Crypto.com to offer payment services where customers can store value for future purchases and settle transactions tied to government fees. The company said the arrangement was established through a partnership with the Dubai Department of Finance and that all final settlements will be processed in UAE dirhams or in CBUAE-approved dirham-backed stablecoins.
Crypto.com review identified itself as the first virtual asset service provider in the UAE to receive a CBUAE SVF license. The firm plans to roll out crypto payment integrations for travelers in 2026 with regional merchants it named as Emirates Airlines and Dubai Duty Free.
The SVF license covers stored-value payment services and retail payment utility. It is separate from a Virtual Assets Regulatory Authority (VARA) license, which is required to operate exchanges, offer brokerage services or provide custody of digital assets. Regulators designed the SVF framework for services that let users hold value to pay later for goods and services, with settlement in fiat or approved tokens.
Eric Anziani, President and COO of Crypto.com, described the license as “an incredible achievement” and said it “proves our strong commitment to compliance and to advancing the regulated digital assets ecosystem in the UAE.” Mohammed Al Hakim, President and GM for UAE & Bahrain at Crypto.com, commented: “We are now able to offer what no other digital asset platform can. It is such an honor 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.”
Crypto.com said it will continue expanding operations in the UAE and working with local authorities and partners as it implements the new payment integrations.
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