Global digital assets platform Crypto.com has achieved a major regulatory breakthrough in the United Arab Emirates, becoming the first Virtual Asset Service Provider (VASP) in the country to obtain a Stored Value Facilities (SVF) license from the Central Bank of the UAE (CBUAE). The development marks a turning point not just for the company, but for the broader adoption of cryptocurrency in everyday financial transactions across the Middle East.
What Is the SVF License and Why Does It Matter?
The Stored Value Facilities license is issued by the Central Bank of the UAE and governs digital wallet and payment services within the country. Unlike trading or custody licenses — which allow platforms to offer exchange and investment services — the SVF license specifically authorizes a company to facilitate real-world payment transactions using stored digital value.
For Crypto.com, this means the platform can now legally enable UAE residents to pay for government services using cryptocurrency. What makes this especially significant is that no other crypto exchange in the UAE holds this license, giving Crypto.com an exclusive first-mover advantage in the regulated digital payments space.
How Will It Work for Users?
The process is designed to be simple and seamless for end users. A resident wishing to pay a Dubai Government fee can use any cryptocurrency held in their Crypto.com wallet. The platform’s proprietary conversion engine will automatically translate that digital asset into UAE dirhams (AED) at the point of transaction. The government authority on the receiving end gets settled in AED or AED-backed stablecoins — meaning there is no exposure to crypto volatility on either side of the payment.
This model effectively bridges the gap between digital assets and traditional government finance, making crypto not just an investment tool but a practical payment method for daily life.
A Regulatory Journey Built Over Years
Crypto.com’s path to this milestone did not happen overnight. The company first entered the UAE in 2022, designating Dubai as its regional hub for the Middle East and North Africa (MENA). In November 2023, it secured a VASP license from the Dubai Virtual Assets Regulatory Authority (VARA), which was later extended in March 2025 to include derivatives products such as futures, perpetual swaps, and contracts for difference (CFDs).
The SVF In-Principle Approval (IPA) was granted in October 2025, initiating a provisional phase during which the company operated as a Restricted Wallet Provider. During this period, Crypto.com tested its core systems, met all technical requirements, and underwent audits and inspections by the CBUAE’s Supervision, Market Conduct, and Anti-Money Laundering departments. The full license was granted following successful completion of all regulatory checks.
Now holding both a VARA license and a CBUAE SVF license, Crypto.com operates across the full spectrum of digital asset activity in the UAE — from trading and custody to real-world payment settlement.
Big Partnerships Now Unlocked
The SVF license does more than satisfy a regulatory requirement — it directly activates several high-profile commercial agreements that had been pending regulatory clearance.
Emirates Airlines: Crypto.com had signed a Memorandum of Understanding with Emirates Airlines in July 2025, with a target of integrating Crypto.com Pay into Emirates’ booking systems by 2026. If completed, Emirates would become the largest airline in the world to accept direct crypto payments. That integration can now move forward.
Dubai Duty Free: A partnership with Dubai Duty Free — one of the world’s busiest travel retail operators — is now cleared to proceed, extending crypto payment access to millions of international travelers passing through Dubai.
Dubai Department of Finance: A partnership announced at the Dubai FinTech Summit in May 2025 will enable crypto payments for Dubai Government service fees. With the SVF license now in hand, this collaboration can be fully activated.
Dubai Land Department: Crypto.com also signed an MOU with the Dubai Land Department to explore the role of blockchain and digital currencies in the real estate sector — one of the UAE’s most significant economic pillars.
Leadership Reaction
Eric Anziani, President and COO of Crypto.com, called the development a defining moment for the platform:
“To be the first VASP to receive this license is an incredible achievement and proves our strong commitment to compliance and to advancing the regulated digital assets ecosystem in the UAE. Increasing everyday utility of digital assets is central to our vision, and this milestone reflects both our commitment to responsible innovation and the UAE’s recognition of the promise of regulated digital commerce.”
Regional leadership also weighed in, with Alain Yacine, President of Middle East & Latin America at Crypto.com, acknowledging the CBUAE for its collaborative and forward-thinking approach to building regulatory frameworks that support innovation.
The UAE’s Crypto Ambitions
This development aligns with the UAE’s broader national strategy to become a global leader in digital finance. The country has consistently ranked among the top nations for crypto adoption — placing third globally on the Henley & Partners Crypto Adoption Index in 2024. Industry surveys suggest that more than one in four UAE residents now holds some form of digital asset, underscoring the market’s readiness for mainstream crypto integration.
The UAE’s dual-regulator model — with VARA overseeing virtual asset services and the CBUAE governing payment infrastructure — has created one of the world’s most structured and transparent environments for crypto businesses. Crypto.com’s dual licensing positions it as the benchmark operator within this framework.
Compliance Commitment
As part of its licensing obligations, Crypto.com has reaffirmed its full adherence to Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations. The company is subject to ongoing oversight from the Central Bank and has committed to obtaining prior regulatory approval for any future changes to its business model.
The Road Ahead
With its regulatory foundation now firmly established, Crypto.com is well-positioned to accelerate its growth across the MENA region. The activation of its partnerships with Emirates Airlines, Dubai Duty Free, and the Dubai Department of Finance will serve as real-world proof points for what regulated crypto commerce can look like at scale.
For the millions of UAE residents and international visitors who interact with these institutions daily, crypto payments may soon become as routine as using a credit card.
