Key Points
- Foris DAX Middle East FZ-LLC (Crypto.com) has received In-Principle Approval from the UAE Central Bank for a Stored Value Facilities license.
- After obtaining the final license, the company will be able to process Dubai Government fee payments using digital assets.
Foris DAX Middle East FZ-LLC, trading as Crypto.com, has been given In-Principle Approval (IPA) for a Stored Value Facilities (SVF) license by the Central Bank of the United Arab Emirates (CBUAE).
This achievement marks Crypto.com as the first Virtual Asset Service Provider (VASP) in the UAE to receive such recognition.
Impact of the License
Upon receiving the final license, Crypto.com will have the capability to process fee payments to the Dubai Government directly in UAE dirhams or dirham-pegged stablecoins. Users can pay with their preferred digital assets, which will be instantly converted into dirhams for settlement.
Eric Anziani, the President and COO of Crypto.com, referred to this development as a significant stride towards making cryptocurrencies useful in everyday transactions. He also commended the UAE for its progressive approach to digital finance.
Crypto.com has also reaffirmed its dedication to Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) obligations.
Regulatory Preparedness of Crypto.com in the UAE
Crypto.com already has a Dubai Virtual Assets Regulatory Authority (VARA) license and operates via its local entity, Foris DAX Middle East FZE. The company currently provides services such as exchange, brokerage, lending, and investment.
The company has established a strong regional presence, with Dubai serving as a crucial operational hub for its global retail and institutional services. To further integrate locally, it has formed partnerships with Emarat and Tawasal, enabling new payment solutions.
The final SVF license will be issued once the Central Bank’s Supervision, Market Conduct, and AML departments complete on-site system inspections to verify full technical and compliance readiness.
The IPA will remain valid for one year from the date of issuance, marking a significant transitional phase before Crypto.com’s full operation under CBUAE oversight.
UAE’s Global Crypto Leadership
The UAE continues to lead the crypto sector globally with its progressive stance towards digital finance. The country has introduced clear legal frameworks via agencies like VARA to promote compliance and boost investor confidence.
A recent study revealed that 25.3% of residents now hold some form of cryptocurrency, indicating growing public engagement. In 2024, the UAE ranked third globally on the Henley & Partners Crypto Adoption Index, reflecting its vision of digital innovation.
