Crypto.com UAE Unit Gets SVF License for Crypto Gov't Fees

Crypto.com's Dubai-based entity has received a Stored Value Facility license from the Central Bank of the United Arab Emirates, enabling users to pay government fees with cryptocurrency through the platform.

The license, granted to Foris DAX Middle East FZE, which operates as Crypto.com in the region, authorizes the company to facilitate payments for Dubai government services. Customers can fund these transactions using digital assets, with settlements processed in UAE dirhams or dirham-pegged stablecoins approved by the central bank. This service stems from a partnership with Dubai's Department of Finance and supports the emirate's push toward cashless payments.

Under the SVF framework, which regulates electronic storage and use of monetary value for payments, the approval allows Crypto.com to bridge cryptocurrency holdings with public sector transactions. Users store value digitally and convert it seamlessly for fees such as utilities or other government charges, all while adhering to anti-money laundering and counterterrorism financing rules. The company already holds a Virtual Asset Service Provider license from Dubai's Virtual Assets Regulatory Authority, bolstering its...