Residents of the United Arab Emirates will soon be able to pay government service fees using digital assets under a regulated framework.
Crypto.com has become the first virtual asset service provider in the United Arab Emirates to receive a Stored Value Facilities (SVF) licence from the Central Bank of the United Arab Emirates.
The licence, issued to the company’s UAE arm, Foris DAX Middle East FZE, marks a significant milestone in the integration of digital assets into the country’s mainstream financial and government payment ecosystem, enabling regulated crypto payment services for government entities nationwide.
Under the approval, Crypto.com will activate its strategic partnership with Dubai Finance, allowing residents of the United Arab Emirates to pay government service fees using digital assets through a regulated framework. The initiative supports Dubai’s cashless strategy and its broader vision to strengthen the digital economy.
All financial settlements will be conducted either in UAE dirhams or in dirham-backed stablecoins approved by the Central Bank of the United Arab Emirates, exclusively through the regulator’s Stored Value Facilities (SVF) framework.
The approval also places Crypto.com in a unique position within the country’s digital asset sector. As the only virtual asset company currently holding this licence in the United Arab Emirates, individuals and entities seeking to use government digital payment services through crypto assets will need to register via the company’s VARA-licensed platform in Dubai.
Crypto.com said the licence could pave the way for future digital asset payment services with the Emirates Airline Group and Dubai Duty Free, both in-store and online, once final operational approvals are granted by the Central Bank of the United Arab Emirates.
The development underscores the United Arab Emirates’s accelerating push to establish itself as a global hub for digital finance, blockchain technology and regulated virtual asset innovation.
Eric Anziani, President and Chief Operating Officer of Crypto.com, described the approval as “an exceptional milestone by every measure,” saying it reflects the company’s commitment to regulatory compliance, operational security and financial innovation.
He added that the UAE has emerged as “one of the world’s most advanced markets” for digital economy regulation and modern financial legislation.
Eric Anziani, President and COO of Crypto.com, said: “To be the first VASP to receive this licence is an incredible achievement and demonstrates our strong commitment to compliance and to advancing the regulated digital assets ecosystem in the United Arab Emirates.”
“We continue to expand our presence in this forward-thinking, digitally driven market and remain at the forefront of delivering innovative products and seamless services for digital asset users,” Anziani added.
Mohammed Al Hakim, President and General Manager for UAE & Bahrain at Crypto.com, said: “We are now able to offer something no other digital asset platform can provide — exclusive digital asset payment services for Dubai Government fees to residents in the UAE.
“It is an honour to launch our partnership with Dubai Finance and contribute to advancing the emirate’s cashless strategy while shaping the future of digital payments in the UAE.”
Founded in 2016, Crypto.com serves millions of users worldwide and has rapidly expanded across regulated digital finance markets in recent years, as governments increasingly introduce formal oversight for cryptocurrency-related services.
