Crypto.com has secured a Stored Value Facilities licence from the Central Bank of the UAE, becoming the first virtual asset service provider to do so.
The licence enables Crypto.com to offer virtual asset payment services within a regulated framework, with immediate implications for both government and commercial payment channels in the UAE.
Government payments and the Dubai Cashless Strategy
With the SVF licence in place, Crypto.com can activate its previously announced partnership with the Dubai Department of Finance. Under this arrangement, UAE residents will be able to settle government fees using virtual assets. All financial transactions will be denominated and settled in UAE dirhams or CBUAE-approved dirham-backed stablecoins, exclusively through the SVF framework.
The move is positioned as a direct contribution to the Dubai Cashless Strategy, a government-led initiative aimed at eliminating cash from public service transactions. Through the process of routing virtual asset payments through a regulated settlement mechanism, the model maintains currency stability while broadening the range of payment instruments available to residents.
Exclusive access and commercial pipeline
As the sole VASP licensed under the SVF framework in the UAE, Crypto.com holds an exclusive position: any user wishing to access virtual asset payment services in the country must be onboarded through its platform, which also holds a licence from the Virtual Assets Regulatory Authority (VARA). This creates a single regulated gateway for virtual asset-based payments in the market.
Moreover, subject to further approvals from the CBUAE, the SVF licence is also expected to allow Crypto.com to extend crypto payment integrations to Emirates Airlines and Dubai Duty Free. No timeline for these integrations has been disclosed.
Regulatory context
The UAE has pursued an active regulatory agenda for digital assets in recent years, with VARA establishing a licensing framework for virtual asset service providers and the CBUAE overseeing payment infrastructure through instruments such as the SVF licence. The convergence of these two frameworks, namely the VARA licensing for asset custody and trading, and the SVF licence for payment issuance, reflects the country's approach to integrating digital assets into mainstream financial services under layered oversight.
Crypto.com's receipt of the SVF licence marks a notable step in this architecture, as it represents the first instance of a VASP being authorised to issue stored value instruments in the country.
