Crypto.com announced that its legal entity in the UAE, Foris DAX Middle East, has obtained a Stored Value Facility license from the Central Bank of the UAE. This step paves the way for enabling the use of digital assets to pay government fees in Dubai within a regulated and secure framework.

A New License in the Digital Assets Sector

Crypto.com’s receipt of the Stored Value Facility license represents an important milestone in the digital assets and electronic payments sector in the UAE. According to the company, the license strengthens its ability to provide payment services linked to digital assets under a regulatory framework approved by the Central Bank of the UAE.

The company is among the first virtual asset service providers to obtain this license in the country, reflecting the development of the regulatory environment for digital payments and virtual assets.

Paying Government Fees in Dubai with Digital Assets

Crypto.com stated that it has completed the electronic connection and integration with the Department of Finance in the Government of Dubai, preparing the way for the use of digital assets to pay government fees in the coming weeks.

Through this step, Dubai is moving toward a new stage in its digital payment system, where digital assets can be used for specific government services in line with the emirate’s direction to strengthen cashless solutions.

Supporting Dubai’s Cashless Strategy

This step supports Dubai’s Cashless Strategy, which aims to expand the use of digital payment methods and reduce reliance on traditional cash transactions.

It also reflects Dubai’s efforts to develop more diverse payment channels and connect government services with modern financial solutions, while maintaining the required regulatory and security standards.

Financial Settlement in UAE Dirhams

Although payments will be made using digital assets, financial settlements will be carried out in UAE dirhams, or through dirham-backed stablecoins approved by the Central Bank of the UAE.

This model provides a clear framework for payment operations, allowing the use of digital asset solutions while keeping settlement linked to the local currency or officially approved instruments.

Partnership with Dubai’s Department of Finance

The new license enables Crypto.com to activate its strategic partnership with the Department of Finance in the Government of Dubai. This partnership aims to provide a new payment option for UAE residents when paying government fees, through a licensed platform and under specific controls.

The company also explained that access to government digital asset payment services will be through the Crypto.com platform, which is licensed by Dubai’s Virtual Assets Regulatory Authority.

Plans Linked to Travel and Retail Sectors

In addition to government fees, Crypto.com referred to strategic agreements with Emirates Airline and Dubai Duty Free, in preparation for launching digital asset payment services in the travel and retail sectors.

These services are expected to be activated after completing the required operational approvals from the Central Bank of the UAE, whether in stores or online.

The UAE and an Advanced Regulatory Environment

This development reflects the UAE’s position in the field of digital economy and modern financial legislation. A clear regulatory framework gives global companies greater confidence to build digital financial services in the country, and helps bring digital assets into practical use across government and commercial services.

This step also comes within the UAE’s broader direction to support financial innovation and develop modern payment solutions that align with regulatory and security standards.

The Importance of This Step for Digital Payments

The importance of this step lies in connecting digital assets with government services through a clear regulatory path and in coordination with the relevant official authorities. It also opens the door to a new payment model that may contribute to expanding the use of digital solutions in daily life.

As the service moves closer to activation, Dubai continues to strengthen its position as an important fintech hub and as an environment capable of adopting new developments in the payments sector.