Crypto.com First VASP to Gain UAE Central Bank SVF License

Foris DAX Middle East FZE, Crypto.com’s UAE unit, has received a Stored Value Facilities (SVF) license from the Central Bank of the UAE and is the first virtual asset service provider in the country to secure full authorization. The unit received in‑principle approval in October 2025 and has now been granted the full SVF license.

The SVF regime allows non‑bank firms to issue or manage prepaid digital wallets, multi‑merchant prepaid cards and other pre‑funded payment instruments. Under the license, Foris DAX can process payments for Dubai government fees in UAE dirhams or Central Bank‑approved AED‑backed stablecoins, with final settlements required through the SVF framework.

Crypto.com noted the license enables support for existing agreements with the Dubai Department of Finance and will give residents the option to pay government charges with virtual assets. Subject to further approvals from the Central Bank, the company expects to begin crypto payment integrations with Emirates Airlines and Dubai Duty Free.

Because Foris DAX is currently the only VASP reported to hold an SVF license, customers seeking to use virtual‑asset payments for the covered government services will need to be onboarded through Crypto.com’s global platform, which holds a license from VARA. Over the past 18 months, Crypto.com has signed agreements with public and private entities in the UAE, including Emarat Energy, Dubai Land Department, Dubai Duty Free and Emirates Airlines.

Eric Anziani, president and chief operating officer of Crypto.com, described the license as “an important compliance milestone.” Mohammed Al Hakim, president and general manager for UAE and Bahrain at Crypto.com, added the authorization will let the company offer digital‑asset payment services for Dubai government fees and support the city’s cashless strategy.

The licensing arrives as AED‑pegged stablecoins gain local traction. AE Coin, the first AED stablecoin licensed in the UAE, has secured government and private sector clients, including Abu Dhabi government entities and Nephos Group. The SVF approval allows Foris DAX to expand stablecoin and virtual‑asset payment options within Dubai public services and to pursue further merchant integrations pending additional regulatory clearances.