Crypto.com receives UAE license for Dubai government crypto payments
Crypto.com says a new UAE Stored Value Facilities license will let residents pay Dubai government fees in crypto, as the company doubles down on regulated expansion in the Middle East and beyond.
Crypto.com has received a Stored Value Facilities license from the Central Bank of the United Arab Emirates, allowing residents to pay Dubai government fees using cryptocurrencies via its platform, the company said Monday.
The company says the license allows users to fund payments in digital assets while settlements are made in UAE dirhams or in dirham-backed stablecoins approved by the central bank under the SVF framework.
The approval allows Crypto.com to activate its partnership with Dubai’s Department of Finance, giving the exchange access to provide digital asset payment services for government fees through its platform under Dubai’s cashless payments strategy.