Crypto.com is the first VASP to receive a UAE Central Bank Stored Value Facilities (SVF) license.
UAE residents can now pay government fees using crypto via the Crypto.com platform.
Crypto is auto converted to UAE dirhams before settlement, not paid directly.
The Central Bank of the UAE has granted a Stored Value Facilities (SVF) license to Foris DAX Middle East FZE, the UAE entity of crypto exchange Crypto.com, making it the first Virtual Asset Service Provider in the country to receive the designation.
The license allows UAE residents to pay government fees using digital assets through Crypto.com’s platform, activating a previously announced partnership with the Dubai Department of Finance.
Crypto.com separately holds a VARA license from Dubai’s virtual asset regulator, giving it dual regulatory standing that no other crypto firm in the UAE currently holds.
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