UAE Central Bank Grants Crypto.com First SVF Licence, Paving Way for AED 8 Billion Cashless Boost

The Central Bank of the United Arab Emirates has issued its first Stored Value Facilities (SVF) licence to a crypto platform, naming Crypto.com’s regional arm, Foris DAX Middle East FZE. An SVF licence permits a firm to hold and transfer digital value on behalf of users under strict regulatory oversight.

The approval integrates Crypto.com into Dubai’s broader cashless strategy, which targets 90 % of transactions to be digital by 2026. Under the new framework, residents will be able to settle government fees with cryptocurrencies. Payments are instantly converted into dirhams – the UAE’s currency – or Central Bank‑approved dirham‑backed stablecoins before reaching government accounts, eliminating direct exposure to volatile assets.

Eric Anziani, Crypto.com’s President and COO, said the licence reflects the company’s emphasis on compliance, security and regulated financial innovation. Mohammed Al Hakim, Crypto.com’s UAE and Bahrain head, added that the platform can now offer services no other digital‑asset provider can, positioning it as the sole SVF‑approved gateway for government crypto payments.

Dubai authorities estimate the cashless transformation could add nearly AED 8 billion (about $2.2 billion) to the economy each year. The figure stems from projected gains in fintech innovation, digital commerce and reduced transaction costs. Analysts compare the impact to the rollout of contactless card payments, which similarly accelerated economic activity.

The licence also activates Crypto.com’s partnership with Dubai Finance, announced at the Dubai FinTech Summit. The collaboration is expected to extend beyond government fees to merchants such as Emirates Airline and Dubai Duty Free, pending further approvals. If realised, travelers could book flights or shop using crypto, while merchants receive payments in dirhams, mitigating volatility risk.

Crypto.com already holds a licence from the Virtual Assets Regulatory Authority (VARA), Dubai’s dedicated crypto regulator. The new SVF approval gives the firm a unique market position, as users seeking regulated crypto payments for government services must onboard through Crypto.com’s platform.

The development underscores the UAE’s aggressive push to become a global digital‑finance hub. By embedding crypto payments within the regulated financial system, the country offers a template for other jurisdictions wrestling with digital‑asset integration.

What to watch next: Implementation timelines for government fee payments, additional approvals for retail merchants, and the impact of the SVF licence on Crypto.com’s user growth and market valuation.