First VASP in UAE: Crypto.com Receives Central Bank Approval for Digital Wallet

• Crypto.com becomes the first Virtual Asset Service Provider in the UAE to secure In-Principle Approval for a Stored Value Facilities license.
• The move allows residents to pay Dubai government fees using digital assets, converted instantly into UAE dirhams.
• The approval highlights growing regulatory acceptance of digital commerce in the UAE while emphasizing security, compliance, and anti-money laundering standards.

Crypto.com announced a major step forward in its expansion across the Middle East. Foris DAX Middle East FZ-LLC, operating as Crypto.com, has become the first Virtual Asset Service Provider (VASP) to receive In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for a Stored Value Facilities (SVF) license. This approval places the company at the forefront of regulated digital payments in the UAE.

Once the final license is granted, Crypto.com will be able to offer residents a seamless way to pay Dubai government fees using any digital assets. The platform automatically converts these assets into UAE dirhams or dirham-pegged stablecoins, enabling instant settlements through a digital wallet licensed by the Central Bank.

For the Dubai government, this ensures that all payments are received in local currency or equivalent stablecoins, simplifying financial operations and broadening the utility of digital currencies.

Driving Digital Commerce in the UAE

Executives at Crypto.com emphasized that the move aligns with the company’s vision to expand everyday use of digital assets. Eric Anziani, President and COO of Crypto.com Group, highlighted the regulatory milestone as a step toward responsible innovation.

Meanwhile, Alain Yacine, President of Middle East & Latin America, commended the UAE authorities for creating a framework that supports compliant digital commerce while enabling new opportunities for businesses and consumers alike.

Mohammed Al Hakim, President and GM of UAE operations, added that both merchants and consumers are increasingly eager to engage in digital payments. He expressed pride in being the first VASP to gain IPA for an SVF license in the UAE, noting that collaboration with regulators is central to maintaining safety, security, and compliance.

Crypto.com Operates Under UAE Central Bank Supervision

During the IPA phase, Crypto.com will operate as a Restricted Wallet Provider under the Central Bank’s supervision, ensuring that any business model changes receive prior approval.

The company reaffirmed its commitment to anti-money laundering (AML), combating financing of terrorism (CFT), and counter-proliferation financing (CPF) obligations, following UAE regulations and international standards.

The final license will be issued after the Central Bank completes on-site inspections to verify system readiness and ensures all technical and regulatory requirements are met. The In-Principle Approval is valid for one year, giving Crypto.com a clear roadmap to fully operationalize its services in the UAE market.

Also Read: Crypto.com CEO Demands Probe After $20B Liquidation Wave