Crypto exchange Crypto.com obtained a license allowing it to process cryptocurrency payments for government services in the United Arab Emirates. The service is already launched in Dubai and may later be expanded to other regions of the country.
Residents of Dubai can now pay government fees and services using digital assets through Crypto.com. The platform became the first crypto company in the country to receive a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE), enabling it to facilitate such payments within the government infrastructure.
According to the press release, the license was issued to Foris DAX Middle East FZE, Crypto.com’s regional subsidiary. This approval allows the exchange to enable payments for government services in partnership with Dubai’s Department of Finance (DOF). A Memorandum of Understanding on this initiative was signed between the parties a year earlier.
All settlements will be conducted exclusively in UAE dirhams or in dirham-pegged stablecoins approved by the CBUAE. Payments will be processed through a regulated SVF infrastructure, which the company says ensures transaction security and supports Dubai’s Cashless Strategy aimed at transitioning to a cashless economy.
Crypto.com is currently the first and only cryptocurrency platform in the UAE to receive an SVF license. This means users who want to pay for government services using digital assets must register through Crypto.com’s regulated platform, authorized by the Virtual Assets Regulatory Authority (VARA). The SVF license is valid nationwide, which opens the possibility for broader expansion in the future.
Crypto.com President and COO Eric Anziani said the license demonstrates strong regulatory compliance and strengthens the company’s position in the Middle East digital asset market. Mohammed Al Hakim, President and GM for UAE & Bahrain, added that the rollout gives users a unique regional option for paying government services with digital assets.
After receiving additional approvals from the Central Bank of the UAE, the company also plans to integrate crypto payments into Emirates Airlines services and Dubai Duty Free stores.
