Crypto.com has become the first Virtual Asset Service Provider in the UAE to obtain a Stored Value Facilities license from the Central Bank of the UAE. The SVF license lets the exchange’s local entity, Foris DAX Middle East FZE, offer UAE residents a way to pay government fees using digital assets — a first for the region.
How the payment service works
Users must onboard through Crypto.com’s platform to use the new service. All financial settlements under the SVF framework will be processed exclusively in UAE dirhams or dirham-backed stablecoins approved by the Central Bank. That means the crypto side gets converted on the back end, but the government receives dirhams.
Dubai Finance and Crypto.com signed a memorandum of understanding in May 2026 to enable crypto payments for government service fees. The service is a direct component of Dubai’s Cashless Strategy, which aims for 90% of transactions to be digital by the end of this year. Crown Prince Sheikh Hamdan launched that strategy back in October 2024.
Why the license matters
Crypto.com already holds a license from Dubai’s Virtual Assets Regulatory Authority (VARA), giving the exchange dual regulatory standing in the UAE. Mohammed Al Hakim, Crypto.com’s UAE and Bahrain head, said the SVF license gives the company a “moat” over rivals because it can offer exclusive digital asset payment services for Dubai government fees — something no other VASP can currently do.
The timing isn’t accidental. With Dubai racing toward a 90% digital transaction target by year-end, having a regulated on-ramp for crypto payments plugs into a larger policy push. Residents who hold digital assets now have a sanctioned way to spend them on government services, rather than cashing out through an exchange and then paying in fiat.
What comes next
Following further sign-off from the Central Bank of the UAE, the license opens the door for crypto payment integrations with Emirates Airlines and Dubai Duty Free. Those integrations would turn digital assets into a payment option for flights and airport shopping — a significant expansion beyond government fees.
For now, the service is limited to government fee payments through Crypto.com’s platform. The next concrete step is the CBUAE’s additional approval, after which Crypto.com can start onboarding merchants like Emirates and Dubai Duty Free. No timeline has been announced for that sign-off.
