Crypto.com has secured a key regulatory license in the United Arab Emirates, allowing the exchange to support crypto-backed payments for Dubai government services as the city accelerates its push toward a cashless economy.
Key Takeaways
- Crypto.com became the first Virtual Asset Service Provider in the UAE to receive a Stored Value Facilities license.
- Dubai residents may soon pay government service fees using digital assets through Crypto.com.
- All payments will settle in UAE dirhams or approved dirham backed stablecoins.
- The approval strengthens Dubai’s wider goal of making 90% of transactions digital by the end of 2026.
What Happened?
Crypto.com announced that the Central Bank of the United Arab Emirates has granted its local entity, Foris DAX Middle East FZE, a Stored Value Facilities license. The approval allows the company to support crypto funded payments for government services in Dubai through its partnership with the Dubai Department of Finance.
The development makes Crypto.com the first Virtual Asset Service Provider in the UAE to receive this type of approval, giving the exchange a major regulatory advantage in the region’s growing digital asset market.
We’re honoured to be the first VASP to receive a Stored Value Facilities (SVF) license from the Central Bank of the UAE.
— Crypto.com (@cryptocom) May 11, 2026
This regulatory milestone allows us to exclusively provide UAE residents with the ability to pay Government fees using digital assets.
Read more here:… pic.twitter.com/I2fEKGo4GB
Dubai Pushes Ahead With Cashless Payments
The new license is closely tied to Dubai’s broader Cashless Strategy, launched in October 2024 under Crown Prince Sheikh Hamdan. The initiative aims to make 90% of transactions across both public and private sectors fully digital by the end of the decade.
Under the new framework, users will be able to fund payments with cryptocurrencies through Crypto.com’s platform. However, all final settlements will be processed in UAE dirhams or central bank approved dirham backed stablecoins.
This means residents can use digital assets while the government still receives payments in regulated fiat based formats.
According to Crypto.com, the approval allows its previously announced partnership with Dubai Finance to move into the implementation phase. The agreement was initially signed in May to explore crypto payment options for government related services.
What This Means for Dubai Residents?
Dubai residents interested in using the new payment option will need to onboard through Crypto.com’s regulated platform. The exchange already holds a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority, also known as VARA.
With the additional Stored Value Facilities approval from the UAE central bank, Crypto.com now holds dual regulatory standing in the country.
The company said the license may eventually support crypto payment integrations for commercial services as well, including Emirates Airlines and Dubai Duty Free. Those services are still awaiting additional approval from the Central Bank of the UAE.
Mohammed Al Hakim, President of Crypto.com UAE, said the company now offers capabilities that no competing crypto platform currently provides in the region.
He said:
UAE Tightens Crypto Oversight
The announcement comes just days after UAE regulators warned investors against dealing with unlicensed crypto companies and financial platforms operating in the country.
In a recent advisory, authorities urged users to verify whether firms are properly licensed before sending funds or signing agreements. The warning highlighted growing efforts by UAE regulators to strengthen oversight while still supporting innovation in the crypto sector.
Crypto.com’s latest approval may help position the exchange as one of the most compliance focused digital asset firms operating in the Middle East.
The company has also expanded its regulatory footprint internationally. It recently secured approval under the European Union’s Markets in Crypto Assets framework and reportedly received conditional approval from the US Office of the Comptroller of the Currency for a national trust bank charter.
CoinLaw’s Takeaway
I think this approval is a major signal that Dubai wants regulated crypto payments to become part of everyday life, not just trading speculation. In my experience, governments usually move cautiously with financial innovation, so giving Crypto.com direct access to public payment infrastructure shows a very high level of trust.
I also found it interesting that Dubai is balancing innovation with strict compliance at the same time. Residents may get the convenience of paying with crypto, while authorities still maintain control through regulated dirham settlements. That combination could become a model other countries eventually follow.
