Regulatory Milestone
Crypto exchange Crypto.com has announced on May 11 that its United Arab Emirates (UAE) entity, Foris DAX Middle East FZE, has been granted a stored value facilities (SVF) license by the Central Bank of the UAE (CBUAE). This achievement makes Crypto.com the first virtual asset service provider (VASP) in the UAE to secure this specific regulatory status.
In a media statement, the crypto exchange characterized the license as the “missing link” for retail crypto utility in the region. With the SVF authorization, Crypto.com, through its partnership with the Dubai Department of Finance, enables residents to pay government fees using virtual assets.
To ensure financial stability, all settlements will be processed in UAE dirhams or CBUAE-approved dirham-backed stablecoins. The SVF license also clears the path for Crypto.com to integrate crypto payment options with major regional players, including Emirates Airlines and Dubai Duty Free.
“To be the first VASP to receive this license is an incredible achievement and proves our strong commitment to compliance and to advancing the regulated digital assets ecosystem in the UAE,” said Eric Anziani, President and COO of Crypto.com.
Anziani added that the exchange is always developing our presence in the UAE market, which he described as a digital-savvy market.
Mohammed Al Hakim, President and GM for UAE & Bahrain at Crypto.com, added: “We are now able to offer what no other digital asset platform can. It is such an honor to be able to now launch our Dubai Finance partnership and play our role in not only enabling the cashless strategy, but also advancing the future of digital payments in the UAE.”
While both are vital to operating in the UAE, the CBUAE SVF license and the Virtual Assets Regulatory Authority (VARA) license serve distinct regulatory purposes. The VARA license allows a company to operate an exchange, provide brokerage services, or act as a custodian for crypto.
On the other hand, the license that Crypto.com has been granted is specifically designed for facilities where users can “store” value to make future payments for goods and services. It bridges the gap between digital assets and the traditional fiat economy.
