Crypto.com Gets UAE SVF License to Process Dubai Crypto Fees

Crypto.com's UAE arm, Foris DAX Middle East FZE, was granted a Stored Value Facilities (SVF) license by the Central Bank of the UAE, the company announced Monday. The approval allows the firm to accept, hold and transfer value for payments tied to Dubai government fees and services.

Under the license, the platform can settle transactions in UAE dirhams or in dirham-backed stablecoins approved by the Central Bank. Customers seeking access to the government payment option must be onboarded through Crypto.com's platform licensed by Dubai’s Virtual Assets Regulatory Authority, with final approvals governed by the Central Bank's framework.

Crypto.com said it is the only virtual asset service provider in the Emirates that currently holds an SVF license for government payments. The license builds on a May 12, 2025, agreement with Dubai Finance that established a framework for crypto-based government payments as part of the Dubai Cashless Strategy, which targets routing more than 90% of public and private sector transactions via cashless methods by 2026.

Mohammed Al Hakim, president and general manager for the UAE and Bahrain, described the license as enabling exclusive digital asset payment services for Dubai government fees to residents and called the launch ‘an honour' in the firm's statement.

The SVF approval also opens the way for planned integrations with private-sector partners the company named, including Emirates Airline and Dubai Duty Free. Crypto.com did not provide a timetable for those integrations or specify which dirham-backed stablecoins have received Central Bank approval for settlement.

The Central Bank's SVF rules require platforms to meet anti-money-laundering controls, consumer protection standards and operational resilience requirements and to obtain necessary approvals for customer onboarding and transaction processing. Crypto.com did not disclose how many UAE residents will be able to access the service at launch or whether other virtual-asset providers have applied for SVF licenses under the same framework.