Crypto.com Becomes First Crypto Firm to Secure UAE Central Bank SVF License

Pioneering Regulated Crypto Payments in the UAE

The Central Bank of the UAE granted the SVF license to Foris DAX Middle East FZE, Crypto.com’s local entity. This authorization positions Crypto.com as the sole VASP currently approved to offer such services under the SVF framework, marking a significant step in the UAE’s ambition to become a global leader in digital asset innovation.

Under the new framework, UAE residents can now use the Crypto.com platform to pay various government fees in Dubai. Users fund transactions with digital assets, which are automatically converted to UAE dirhams or Central Bank-approved dirham-backed stablecoins before settlement. Direct cryptocurrency payments are not accepted; all final settlements occur within the regulated SVF system.

Strategic Partnership with Dubai Department of Finance

The license activates a previously announced partnership with the Dubai Department of Finance, aligning with the emirate’s Cashless Strategy to shift the majority of financial transactions away from physical cash. This development integrates regulated crypto rails directly into public sector services for the first time.

Mohammed Al Hakim, President and General Manager of UAE and Bahrain at Crypto.com, stated: “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 an honor to launch our Dubai Finance partnership and advance the future of digital payments.”

Expanding Payment Ecosystem

Beyond government services, the SVF license opens doors for additional integrations. Subject to further Central Bank approvals, Crypto.com plans to enable crypto-funded payments for Emirates Airlines and Dubai Duty Free, extending the digital asset-to-dirham model into commercial transactions.

Dual Regulatory Strength

Crypto.com already holds a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). The addition of the Central Bank’s SVF license gives the company unique dual regulatory standing in the UAE, reinforcing its position as a compliance-focused leader in the region.

Eric Anziani, President and COO of Crypto.com, described the achievement as proof of the company’s strong commitment to regulatory compliance and innovation in key markets.

UAE’s Broader Crypto Momentum

This milestone arrives amid rapid development of digital asset infrastructure in the UAE. Recent initiatives include a regulated framework for swapping dirham and dollar stablecoins, expanded custody services, and new rules for crypto derivatives. The SVF license extends these advancements into everyday public sector payments.

Global Regulatory Expansion

The UAE achievement complements Crypto.com’s international growth. The company has secured Markets in Crypto-Assets (MiCA) authorization in the EU and conditional approval for a national trust bank charter in the United States, alongside expanding into prediction markets and other regulated products.