Crypto.com Secures UAE Central Bank SVF License as Dubai Opens Government Fee Payments to Crypto

Dubai’s Cashless Strategy aims to make 90% of transactions cashless by the end of 2026. Crypto.com signed an agreement with Dubai’s Department of Finance on May 12, 2025, allowing residents to pay government fees with virtual assets. Payments are automatically converted into UAE dirhams, reducing the government’s exposure to price volatility and settlement risk.

Crypto.com’s UAE entity, Foris DAX Middle East FZE, received a Stored Value Facilities (SVF) license from the Central Bank of the United Arab Emirates on May 11, 2026, becoming the country’s first licensed virtual asset service provider and formally launching crypto payments for Dubai government fees. Settlement is restricted to dirhams or central bank-approved dirham stablecoins. Transaction amounts were not disclosed, while integrations with Emirates and Dubai Duty Free remain subject to central bank approval.