UAE Hands Crypto.com a Regulatory Moat Over Every Other VASP in the Country
BeInCrypto
Crypto.com has become the first VASP in the UAE to receive an SVF license, allowing it to process government fee payments using digital assets.Summary
Crypto.com's local entity, Foris DAX Middle East FZE, has become the first Virtual Asset Service Provider (VASP) in the UAE to obtain a Stored Value Facilities (SVF) license from the Central Bank of the UAE. This regulatory achievement grants the company an exclusive position to enable UAE residents to pay government fees using digital assets. The move aligns with Dubai's Cashless Strategy and allows for potential future payment integrations with entities like Emirates Airlines and Dubai Duty Free. All financial settlements under this framework will be conducted in UAE dirhams or approved dirham-backed stablecoins.
(Source：BeInCrypto)