Crypto.com has received in-principle approval from the Central Bank of the UAE for a Stored Value Facilities license, a regulatory milestone directly tied to enabling cryptocurrency payments for Dubai government service fees.
Foris DAX Middle East FZ-LLC, the entity operating as Crypto.com in the region, announced the approval on October 13, 2025. The company described itself as the first Virtual Asset Service Provider in the UAE to receive this type of approval, though that claim has not been independently confirmed by a CBUAE register entry or regulator press release.
The in-principle approval is not a final license. The CBUAE has stated that applicants must complete all technical and regulatory requirements outlined in the approval letter within one year, including an on-site inspection, before a full license can be issued.
Dubai Government Fees Payable in Crypto
The SVF license, once finalized, would allow Crypto.com to provide digital payment services for Dubai government fees. Settlements would be processed in UAE dirhams or dirham-pegged stablecoins.
On May 12, 2025, Dubai Finance signed a memorandum of understanding with Crypto.com to enable cryptocurrency payments for government service fees. Under the arrangement, users would pay through Crypto.com’s digital wallets, and the platform would automatically convert digital assets into Emirati dirhams before transferring funds to Dubai Finance accounts.
This structure relies on two regulatory layers. Crypto.com’s existing VARA license covers the virtual asset exchange operations, while the CBUAE’s SVF license would authorize the payments and settlement infrastructure needed to process government transactions.
The distinction matters. This is not simply another exchange licensing update. A government entity choosing a crypto platform as an implementation partner for public-sector fee collection represents a concrete use case beyond trading, similar to how institutional players like CME Group have been expanding crypto infrastructure in traditional finance.
Part of Dubai’s Cashless Push
The Crypto.com partnership fits within Dubai’s broader cashless strategy, which targets conducting more than 90% of financial transactions across public and private sectors through cashless methods by 2026. The government has estimated that the cashless strategy will add at least AED 8 billion annually to the economy.
Those figures frame the SVF license as part of state payments infrastructure rather than a routine compliance checkbox. Dubai is actively building regulatory pathways for crypto to serve public-sector functions, not just permitting exchanges to operate within its borders.
For Crypto.com, the UAE positioning adds a government-backed payments channel to a platform that has been competing for institutional credibility alongside firms raising significant capital for digital asset infrastructure. The competitive advantage is not just the license itself but the direct integration with a government fee collection system.
What Still Needs to Happen
The in-principle approval carries a one-year validity window. Crypto.com must complete all conditions, pass the CBUAE’s on-site inspection, and meet every technical requirement before the final SVF license is granted.
At the time of the announcement, Cronos (CRO), the token associated with the Crypto.com ecosystem, traded at $0.0748 with a market capitalization of approximately $3.26 billion, ranking 31st among cryptocurrencies. CRO had gained roughly 4% over the preceding 24 hours.
Until the final license is issued, the government payments channel remains prospective. The regulatory framework is in place, and both parties have signed the MoU, but execution depends on Crypto.com clearing the CBUAE’s remaining requirements. Broader developments in institutional digital asset funding suggest the infrastructure race in the region is accelerating regardless of any single license outcome.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.