The United Arab Emirates has taken another historic step toward a fully digital economy. Thanks to a new license granted to Crypto.com, residents will soon be able to pay government fees using cryptocurrencies, which will automatically convert into dirhams or AED-pegged stablecoins.

Crypto.com Becomes the First to Secure Key License from the Central Bank

Crypto.com, operating through Foris DAX Middle East FZ-LLC, has become the first Virtual Asset Service Provider (VASP) to receive in-principle approval (IPA) from the Central Bank of the UAE for a Stored Value Facilities (SVF) license.

This approval confirms that Crypto.com is ready to operate digital payment services, pending final technical and compliance checks before the full license is issued.

With the SVF license, residents of Dubai and other emirates will be able to pay government fees directly in crypto — such as Bitcoin, Ethereum, or stablecoins.

All such payments will be automatically converted into UAE dirhams (AED) through Crypto.com’s licensed platform under the supervision of the Virtual Assets Regulatory Authority (VARA).

From Government Payments to Derivatives – Crypto.com Expands Its Reach

During the current IPA phase, Crypto.com will operate as a restricted wallet provider, under the full oversight of the central bank and with prior approval required for any operational changes.

This milestone follows the company’s March expansion of its VASP license, which allowed Crypto.com to offer derivatives — including futures, perpetual swaps, and CFDs — to qualified investors in the UAE.

With this, Crypto.com continues to strengthen its regulatory footprint in the region, positioning itself among the most transparent and compliant crypto firms globally.

The company also recently achieved SOC 1 Type II and SOC 2 Type II certifications in the United States, confirming the security and accounting standards of its custody operations.

UAE Accelerates Its Transition to Digital Currencies

The UAE is rapidly emerging as a global leader in crypto regulation and financial digitalization.

The Central Bank of the UAE (CBUAE) has announced that its digital dirham, a central bank digital currency (CBDC), will launch in Q4 2025.

Meanwhile, the private sector is also advancing. A consortium including International Holding Company, Abu Dhabi Developmental Holding Company, and First Abu Dhabi Bank is developing AE Coin, a dirham-backed stablecoin. The project has already received regulatory approval from the CBUAE and aims to enable fast, secure, and stable digital payments across the country.

The Future of Finance Begins in the Emirates

The approval granted to Crypto.com shows that the UAE is actively integrating digital assets into its official economy — not only as an investment tool but also as a mainstream payment option.

With this move, the UAE could soon become the first nation in the world where tax and government payments are seamlessly connected to the crypto ecosystem.

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