In a major step toward integrating digital assets into the UAE’s regulated financial system, Crypto.com has received in-principle approval for a Stored Value Facilities (SVF) license from the Central Bank of the United Arab Emirates (CBUAE) — becoming the first cryptocurrency exchange to reach this stage.
The approval, announced on October 13, marks a critical regulatory milestone for the global digital assets exchange. It will enable Crypto.com to offer digital payment and settlement services across the UAE under the supervision of the Central Bank once a full license is granted.
Enabling Crypto-Powered Payments in Dirhams
With the final approval, Crypto.com will be authorized to facilitate dirham and dirham-pegged stablecoin payments for both government services and commercial transactions. The initiative falls under the UAE’s Stored Value Facilities framework, which governs how digital value can be stored and used within the country’s financial system.
At the heart of the offering is Crypto.com’s proprietary conversion model, designed to seamlessly translate cryptocurrencies into local currency equivalents. The mechanism allows users to pay with any digital asset in their Crypto.com wallet, while ensuring that merchants, businesses, or government entities receive settlements in UAE dirhams or approved stablecoins.
This dual-structured system preserves the flexibility of crypto payments for consumers but eliminates the price volatility often associated with digital assets. By converting funds instantly at the point of sale, recipients gain the stability and compliance benefits of fiat transactions — without exposure to crypto market swings.
“Increasing everyday utility of digital assets is central to our vision at Crypto.com,” said Eric Anziani, President and COO of Crypto.com Group. “This latest regulatory milestone is a testament to both our commitment to responsible innovation and to the UAE’s forward-thinking approach in realizing the promise of regulated digital commerce.”
Operating Under Central Bank Oversight
During the in-principle phase, Crypto.com will function under a restricted wallet framework, which allows the company to test its systems and operational models while remaining subject to direct oversight by the Central Bank.
Under this provisional license, any modifications to its service structure must receive prior approval from the CBUAE. In addition, the company will undergo audits and inspections conducted by the Central Bank’s Supervision, Market Conduct, and Anti-Money Laundering departments before it can transition to a full license.
The provisional license will remain valid for one year from the date of issuance. Within this period, Crypto.com must demonstrate full compliance with UAE regulations, including anti-money laundering (AML) and counter-terrorism financing (CTF) laws, adherence to proliferation financing safeguards, and implementation of robust record-keeping systems.
This phase serves as a regulatory proving ground — ensuring that the company’s technology, operational resilience, and internal controls meet the UAE’s high standards for payment infrastructure providers.
Strengthening Crypto.com’s UAE Presence
Crypto.com’s latest approval adds to its growing footprint in the UAE’s rapidly evolving digital finance ecosystem. The company first entered the market in 2022, choosing Dubai as its regional hub for the Middle East and North Africa.
In November 2023, it was granted a Virtual Assets Service Provider (VASP) license by the Dubai Virtual Assets Regulatory Authority (VARA), allowing it to offer services such as brokerage, exchange, and lending in line with local compliance frameworks.
Since then, Crypto.com has positioned itself as a key player in the UAE’s digital economy — building strategic partnerships across multiple sectors to expand the practical use of cryptocurrency.
Collaborations Supporting a Cashless Future
One of the company’s most notable partnerships came in May 2024, when it signed an agreement with the Dubai Department of Finance to enable residents to pay government service fees using cryptocurrency. The move aligns with Dubai’s broader vision to become a cashless economy and a global leader in digital payments.
Later that year, Crypto.com collaborated with the Dubai Land Department to develop a blockchain-powered framework for virtual real estate transactions, reinforcing the emirate’s push toward tokenized property investments and digital land ownership.
The company has also entered into a memorandum of understanding (MoU) with Emirates Airlines, with plans to integrate Crypto.com Pay into the airline’s booking systems, allowing travelers to pay for flights and related services using cryptocurrency.
A Step Toward Regulated Digital Finance
Crypto.com’s in-principle approval from the Central Bank of the UAE represents more than just a licensing milestone — it reflects the country’s growing acceptance of digital assets as part of its financial landscape.
By setting up a clear regulatory framework for stored value and digital payments, the UAE continues to position itself as a global hub for fintech and blockchain innovation. For Crypto.com, this development paves the way to offer customers secure, compliant, and user-friendly digital payment options while supporting the nation’s vision for a digitally integrated economy.
As the company moves toward securing its full license, Crypto.com’s ability to bridge the gap between crypto assets and traditional finance could serve as a blueprint for how regulated digital payments can reshape the global financial ecosystem.
