Crypto.com receives UAE license tied to Dubai government crypto payments
The Block
Crypto.com has secured a Stored Value Facilities license from the UAE Central Bank to process digital asset payments for government services.Summary
Crypto.com's UAE subsidiary, Foris DAX Middle East FZE, has become the first virtual asset provider to receive a Stored Value Facilities (SVF) license from the Central Bank of the UAE. This authorization allows the exchange to facilitate cryptocurrency payments for government services in Dubai, supporting the city's broader 'Dubai Cashless Strategy' aimed at digitizing over 90% of transactions by 2026. Settlements for these payments will occur in UAE dirhams or approved dirham-backed stablecoins. Additionally, the company plans to extend its payment integration capabilities to other major entities, including Emirates Airlines and Dubai Duty Free.
(Source：The Block)