financemagnates.com
Crypto.com has received In-Principle Approval from the Central Bank of the United Arab Emirates to operate under a Stored Value Facilities (SVF) license. It brings the exchange a step closer to processing stablecoin and dirham payments for Dubai government services.
The approval, which was granted to Foris DAX Middle East FZ-LLC, allows the exchange to expand into regulated digital payments in the region once final authorization is granted.
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Central Bank-Licensed Digital Wallet
According to the company, residents will be able to pay Dubai government fees using digital assets held on Crypto.com’s platform. The service will convert the assets into UAE dirhams (AED) during checkout and settle transactions via a Central Bank-licensed digital wallet. Government departments will receive funds in dirhams or dirham-pegged stablecoins.
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“Increasing everyday utility of digital assets is central to our vision at Crypto.com,” commented Eric Anziani, President and COO of Crypto.com Group. “This latest regulatory milestone is a testament to both our commitment to responsible innovation, as well as to the UAE for seeing the promise of regulated digital commerce.”
Once full approval is granted, the company will reportedly facilitate crypto-to-fiat payments within a Central Bank-regulated framework—marking one of the first large-scale integrations of digital assets into public service payments in the Gulf.
The system enables users to pay government fees using any digital assets held on Crypto.com’s platform. During checkout, the platform converts the crypto holdings into UAE dirhams and completes the transaction using a Central Bank-licensed digital wallet.
Dubai government departments will receive the settlement directly in dirhams or stablecoins pegged to the local currency, ensuring no volatility exposure during the transaction.
Crypto.com stressed that the model offers a compliant pathway for everyday payments, extending the role of digital assets beyond speculation and investment.
Regulatory Oversight and Compliance
Dubai’s Virtual Assets Regulatory Authority already oversees trading and custody activity, while the Central Bank now oversees digital payment mechanisms through SVF licensing.Crypto.com’s progress suggests that government-linked payment use cases for stablecoins may soon become part of everyday life in the UAE—potentially accelerating mainstream adoption in the region and beyond.
Expect ongoing updates as this story evolves.