Crypto.com Receives In-Principle Approval for UAE SVF License

Foris DAX Middle East FZ-LLC, operating as Crypto.com, has received In-Principle Approval (IPA) from the Central Bank of the United Arab Emirates for a Stored Value Facilities (SVF) license. This milestone designates it as the first Virtual Asset Service Provider (VASP) in the UAE to achieve such recognition.

The final license will permit processing Dubai Government fee payments in UAE dirhams or dirham-pegged stablecoins.
Users can pay with their chosen digital assets, which will convert into dirhams for settlement.

Eric Anziani, President and COO of Crypto.com, emphasized this as a significant step towards integrating cryptocurrencies into daily transactions and praised the UAE's progressive approach to digital finance.

Crypto.com affirms commitment to Anti-Money Laundering (AML) and related financial obligations.
Already holds a Dubai Virtual Assets Regulatory Authority (VARA) license, offering services like exchange, brokerage, lending, and investment.
Established partnerships with Emarat and Tawasal to expand payment solutions in Dubai.
Awaiting full technical and compliance inspection by the Central Bank to receive the final SVF license.

The IPA is valid for one year, marking a transition phase before complete oversight by CBUAE.

UAE's Global Crypto Leadership

The UAE continues to strengthen its position in global crypto leadership with clear legal frameworks to boost investor confidence.
25.3% of residents now hold cryptocurrency, indicating increasing public engagement.
The country ranked third globally on the Henley & Partners Crypto Adoption Index in 2024.