Crypto.com, through its local entity Foris DAX Middle East FZ-LLC, has become the first Virtual Asset Service Provider (VASP) in the UAE to receive In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for a Stored Value Facilities (SVF) license. This milestone marks the regulator’s recognition of the company’s readiness to launch digital payment services, pending the completion of final technical and compliance reviews before full licensing.
Once fully operational under the SVF framework, Crypto.com will enable UAE residents to pay Dubai Government fees using digital assets. These payments will be automatically converted into UAE dirhams or dirham-pegged stablecoins via Crypto.com’s VARA-licensed platform, ensuring settlements are processed in the local currency.
During the IPA phase, Crypto.com will function as a Restricted Wallet Provider, complying with all CBUAE conditions and seeking prior approval for any business modifications.
Expanding Crypto.com’s Regulatory Presence in the UAE
This development builds on Crypto.com’s growing regulatory foundation in the UAE. The company already holds a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA). Earlier this year, VARA expanded Crypto.com’s authorization to include derivatives offerings, allowing the platform to provide futures, perpetual swaps, and CFDs to institutional and qualified investors.
The SVF approval follows Crypto.com’s recent attainment of SOC 1 Type II and SOC 2 Type II attestations for its U.S. custody operations, underscoring its commitment to transparency, financial integrity, and operational security.
UAE Accelerates Digital Currency Integration
The UAE continues to advance its digital finance agenda with significant initiatives in both the public and private sectors. The Central Bank of the UAE is set to launch the Digital Dirham, its Central Bank Digital Currency (CBDC), in Q4 2025.
In the private sector, a consortium including International Holding Company, Abu Dhabi Developmental Holding Company, and First Abu Dhabi Bank is developing AE Coin, a dirham-backed stablecoin that has already received regulatory approval from the CBUAE. AE Coin aims to enhance secure, stable, and efficient digital transactions across the UAE’s financial ecosystem.
