Key Notes
- Crypto.com is now the first VASP in the UAE to secure In-Principle Approval for an SVF license.
- The license will allow residents to pay Dubai Government fees in crypto converted instantly into UAE dirhams.
- The exchange reaffirms its commitment to strong compliance standards.
Foris DAX Middle East FZ-LLC (trading as Crypto.com) has received In-Principle Approval (IPA) from the Central Bank of the United Arab Emirates (CBUAE) for a Stored Value Facilities (SVF) license. This makes it the first Virtual Asset Service Provider (VASP) in the UAE to achieve this recognition.
Once the final license is granted, the company will be able to process Dubai Government fee payments directly in UAE dirhams or dirham-pegged stablecoins. Users will pay using their preferred digital assets, which will instantly convert the funds into dirhams for settlement.
Eric Anziani, Crypto.com’s President and COO, commented on the development, calling it a key step toward making cryptocurrencies useful in daily transactions. He also praised the UAE’s forward-thinking approach to digital finance.
Crypto.com reiterated its commitment to Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) obligations.
Crypto.com’s Regulatory Readiness in the UAE
Crypto.com already holds a Dubai Virtual Assets Regulatory Authority (VARA) license and operates through its local entity, Foris DAX Middle East FZE. It currently offers services like exchange, brokerage, lending, and investment.
The company has built a strong regional presence, establishing Dubai as a key operational hub for global retail and institutional services. To deepen local integration, it has also partnered with Emarat and Tawasal, enabling new payment solutions.
The final SVF license will be issued once the Central Bank’s Supervision, Market Conduct, and AML departments complete on-site system inspections to verify full technical and compliance readiness.
The IPA remains valid for one year from the date of issuance, marking an important transitional phase before Crypto.com’s full rollout under CBUAE oversight.
UAE Strengthens Its Global Crypto Leadership
This regulatory approval comes as the UAE continues to lead the crypto sector globally with its progressive stance toward digital finance. The country has introduced clear legal frameworks through agencies like VARA to promote compliance and boost investor confidence.
According to a recent study, 25.3% of residents now hold some form of cryptocurrency, suggesting growing public engagement. In 2024, the UAE ranked third globally on the Henley & Partners Crypto Adoption Index, reflecting its vision of digital innovation.
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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
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Source: https://www.coinspeaker.com/crypto-com-uae-svf-approval/
