Quick Breakdown
- Crypto.com secures in-principle approval from UAE Central Bank for Stored Value Facilities (SVF) license.
- The approval enables digital payments, including government fees, in crypto converted to dirhams or AED-pegged stablecoins.
- Marks another milestone in the UAE’s growing digital currency ecosystem ahead of its 2025 Digital Dirham launch.
Crypto.com receives landmark UAE approval
Crypto.com has made history as the first Virtual Asset Service Provider (VASP) in the United Arab Emirates to obtain In-Principle Approval (IPA) for a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE).
Foris DAX Middle East has become the first Virtual Asset Service Provider to receive In-Principle Approval from the Central Bank of the UAE for a Stored Value Facilities license.
Read more here 👉 https://t.co/3QtL8ZocSJ pic.twitter.com/AKou3miYYU
— Crypto.com (@cryptocom) October 13, 2025
The approval, granted to its local entity Foris DAX Middle East FZ-LLC, recognizes the company’s readiness to offer regulated digital payment services. A full license will be issued upon completion of the final technical and compliance checks.
Paving the way for regulated crypto payments
Once fully licensed, Crypto.com will facilitate digital asset payments for Dubai Government services, where users can pay in cryptocurrencies that will be automatically converted to UAE dirhams or dirham-pegged stablecoins. Settlements to government entities will be made in local currency, ensuring compliance with UAE financial regulations.
During this interim phase, the firm will function as a Restricted Wallet Provider, operating strictly in accordance with the Central Bank’s conditions and obtaining prior consent for any operational changes.
Building on VARA’s VASP framework
The development extends Crypto.com’s established regulatory footprint in the UAE. Earlier this year, Dubai’s Virtual Assets Regulatory Authority (VARA) expanded the firm’s VASP license to include derivative offerings such as futures, perpetual swaps, and contracts for difference (CFDs) for institutional and qualified investors.
Additionally, Crypto.com recently attained SOC 1 Type II and SOC 2 Type II attestations for its U.S.-based custody services, underscoring its commitment to operational transparency and security.
UAE’s broader digital currency push
The approval aligns with the UAE’s broader vision to advance digital finance innovation. The CBUAE’s Digital Dirham, a central bank digital currency (CBDC), is slated for rollout 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 clearance. AE Coin aims to enable secure and efficient digital transactions, reinforcing the UAE’s position as a leader in regulated digital assets.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
