UAE Residents to Gain Option of Paying Government Fees Through Crypto

According to the company’s official statement, the approval reflects a deepening collaboration between licensed crypto entities and the UAE’s financial authorities, signaling that digital asset platforms can meet the same prudential and operational standards as traditional financial institutions. The move enables Crypto.com’s regional arm to progress toward offering regulated, dirham-based digital payment services, an essential step toward mainstream adoption of blockchain-enabled finance across the Emirates.

The announcement positions Foris DAX Middle East as a frontrunner in bridging fiat and virtual assets within a jurisdiction that has taken a measured yet progressive regulatory approach. The Central Bank’s nod allows the firm to begin the process of fulfilling remaining conditions required for a full SVF license, under the direct supervision of the CBUAE. Once finalized, the approval will permit the company to issue and manage stored-value products, effectively allowing users to load, store, and transact digital funds through regulated, secure mechanisms.

The Central Bank’s engagement with virtual asset service providers marks a broader shift in how financial authorities approach emerging payment technologies. The SVF license framework, established to govern digital wallets and prepaid systems, forms part of the UAE’s broader strategy to enable a cashless, innovation-driven economy.

Crypto.com’s in-principle approval therefore represents more than a corporate milestone, it highlights the UAE’s willingness to supervise crypto-linked activities directly within its federal monetary structure, complementing the existing oversight mechanisms in free zones such as VARA in Dubai and ADGM in Abu Dhabi. This dual-level model, where the central monetary authority and specialized digital-asset regulators work in parallel, creates a unique hybrid environment that blends financial stability with technological agility.

Foris DAX Middle East’s progress toward full authorization under the CBUAE’s SVF regime indicates growing confidence in the ability of compliant crypto institutions to safeguard user funds, maintain operational resilience, and align with international standards for anti-money laundering, consumer protection, and data integrity.

The stored-value license enables crypto platforms to play an active role in the digitization of real-world financial services. With the approval, Crypto.com’s UAE entity can work toward enabling dirham-linked digital payment systems, connecting blockchain-based value to everyday financial transactions. In practice, this could mean users will eventually be able to make regulated payments, transfers, or reloads through an ecosystem that seamlessly blends digital assets and fiat currency under central-bank oversight. Such a structure aligns with the UAE’s ambition to establish a fully traceable, compliant, and inclusive payments infrastructure, where innovation coexists with robust financial security.

While the company has not announced specific rollout timelines, the in-principle approval provides the regulatory foundation to move forward with implementation plans. Once all operational and technical requirements are met, full licensing will allow Crypto.com to offer compliant, dirham-backed financial products and wallet services, potentially setting a new standard for virtual asset payments within the region.

The UAE’s recognition of a VASP under the Central Bank’s authority marks a watershed moment in global crypto regulation. The country has positioned itself as one of the few jurisdictions where digital asset firms can operate within a clear, multi-tiered legal framework that distinguishes between trading, custody, and payment activities. Crypto.com’s approval demonstrates that the UAE’s financial infrastructure is mature enough to accommodate crypto-based payment systems within its sovereign framework. It also underscores the growing role of the UAE as a regulatory laboratory for bridging traditional finance and decentralized technologies, offering models that other countries may study or adopt.

For the global digital asset industry, the move shows how alignment between centralized supervision and blockchain innovation can yield tangible progress toward mainstream adoption. The combination of compliance-first licensing and technology-neutral regulation reflects an increasingly pragmatic approach that other central banks and financial regulators are likely to observe closely.

Crypto.com, founded in 2016 and headquartered in Singapore, has consistently positioned itself at the intersection of compliance, infrastructure, and consumer innovation. Its entry into the UAE’s centrally regulated space is consistent with the company’s broader expansion strategy, focused on working hand-in-hand with governments to develop frameworks that balance innovation with oversight. The firm has previously obtained regulatory approvals in other major markets, including Singapore, the European Union, and the United Kingdom. The UAE’s in-principle approval now extends that footprint into one of the fastest-growing fintech jurisdictions globally.

The company described the Central Bank’s decision as a major step toward enabling real-world utility of digital assets within a fully regulated environment, emphasizing that it remains committed to supporting the UAE’s vision of becoming a global leader in both financial technology and blockchain infrastructure.

By becoming the first VASP to receive such recognition from the UAE’s top monetary authority, Foris DAX Middle East has achieved what may be considered a foundational moment for regulated crypto payments in the region. The approval reflects not only the company’s adherence to stringent compliance standards but also the UAE’s confidence in its digital economy blueprint. As the country continues to integrate digital payments, blockchain, and financial innovation under a single umbrella of legal certainty, this milestone serves as a clear indication of where global finance is heading, toward a future where crypto and fiat operate side by side, within frameworks designed to protect stability while enabling innovation.