Crypto.com receives UAE Stored Value Facility license, enabling crypto asset payments for government service fees

Odaily reports that Crypto.com has announced that its UAE entity, Foris DAX Middle East FZE, has obtained a Stored Value Facility (SVF) license from the Central Bank of the UAE, becoming the first Virtual Asset Service Provider (VASP) in the region to receive this license.

With this license, Crypto.com will officially launch a partnership with the Dubai Department of Finance, allowing UAE residents to use crypto assets to pay for government service fees. Related fund settlements will be conducted in UAE dirhams or dirham-pegged stablecoins approved by the Central Bank of the UAE.

Furthermore, upon obtaining regulatory approval, Crypto.com also plans to leverage this license to advance the integration of crypto payments with Emirates Airlines and Dubai Duty Free.