Crypto.com Secures First UAE Central Bank Payments Licence

The licence, granted to the exchange’s Dubai entity Foris DAX Middle East FZE, activates a partnership with Dubai Finance. UAE residents will soon be able to pay government fees using cryptocurrencies on Crypto.com’s platform, with instant conversion to UAE dirhams or approved dirham-backed stablecoins. The government receives stable fiat value, while users benefit from seamless digital asset settlement.

This SVF approval differs markedly from the more common Virtual Asset Service Provider (VASP) licences issued by Dubai’s Virtual Assets Regulatory Authority (VARA). VARA regulates trading, custody and derivatives, while the central bank’s SVF regime integrates approved platforms directly into the country’s payments infrastructure.

Government payments advance onchain settlement

Dubai is accelerating integration of digital assets into public services as part of its cashless strategy. In May 2025, authorities signed a memorandum of understanding with Crypto.com to enable crypto payments for government fees. The emirate has expanded its digital finance framework through stablecoin rules, tokenization guidelines and payment initiatives. Earlier in 2026, the UAE central bank formalised a dirham-backed stablecoin framework.

Digital Dubai data shows 97% of government transactions were digital in 2023. The emirate targets 90% cashless transactions across public and private sectors by the end of 2026, a shift analysts estimate could add AED8bn annually to the economy through enhanced fintech innovation.

Crypto.com already holds a VARA licence for trading and related services in Dubai. The new SVF authorization makes it the only platform currently positioned to offer these government payment services, requiring users to onboard via its regulated platform.

Strategic expansion beyond trading

Crypto.com, a global exchange founded in 2016 that serves millions of users worldwide with spot, derivatives and custody services across hundreds of cryptocurrencies (CRO), described the licence as a milestone for regulated innovation in the UAE. Mohammed Al Hakim, president and general manager for UAE at Crypto.com, said the company can now provide services "no other digital asset platform can offer," without clarifying further.

The licence paves the way for broader integrations with state-linked entities, including potential expansions to Emirates Airlines and Dubai Duty Free, subject to further approvals, the announcement said. 

Implications for users, ecosystem

For retail and institutional users, the development offers practical utility: paying permits, utilities and other government services with crypto holdings while maintaining full regulatory compliance. Settlements occur through a central bank-licensed digital wallet, reducing friction in domestic payments.