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This makes it the first Virtual Asset Service Provider (VASP) in the UAE to achieve this recognition.Once the final license is granted, the company will be able to process Dubai Government fee payments directly in UAE dirhams or dirham-pegged stablecoins. Users will pay using their preferred digital assets, which will instantly convert the funds into dirhams for settlement.Eric Anziani, Crypto.com’s President and COO, commented on the development, calling it a key step toward making cryptocurrencies useful in daily transactions. He also praised the UAE’s forward-thinking approach to digital finance.Crypto.com reiterated its commitment to Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) obligations.Crypto.com already holds a Dubai Virtual Assets Regulatory Authority (VARA) license and operates through its local entity, Foris DAX Middle East FZE. It currently offers services like exchange, brokerage, lending, and investment.The company has built a strong regional presence, establishing Dubai as a key operational hub for global retail and institutional services. To deepen local integration, it has also partnered with Emarat and Tawasal, enabling new payment solutions.The final SVF license will be issued once the Central Bank’s Supervision, Market Conduct, and AML departments complete on-site system inspections to verify full technical and compliance readiness.The IPA remains valid for one year from the date of issuance, marking an important transitional phase before Crypto.com’s full rollout under CBUAE oversight.This regulatory approval comes as the UAE continues to lead the crypto sector globally with its progressive stance toward digital finance. The country has introduced clear legal frameworks through agencies like VARA to promote compliance and boost investor confidence.According to a recent study, 25.3% of residents now hold some form of cryptocurrency, suggesting growing public engagement. In 2024, the UAE ranked third globally on the Henley & Partners Crypto Adoption Index, reflecting its vision of digital innovation.Read original story Crypto.com Wins Stored Value Facility License from UAE Central Bank by Parth Dubey at Coinspeaker.comTerms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,644.31 -10.41 (-0.16%)Dow 3046,270.46 +202.88 (+0.44%)Nasdaq22,521.70 -172.91 (-0.76%)Russell 20002,495.50 +34.08 (+1.38%)VIX20.81 +1.78 (+9.35%)Gold4,161.20 +28.20 (+0.68%)PortfolioSign in to access your portfolioSign inTop gainersCRML Critical Metals Corp. 29.97 +6.69 (+28.74%)NVTS Navitas Semiconductor Corporation 12.57 +2.60 (+26.08%)ERIC Telefonaktiebolaget LM Ericsson (publ) 9.85 +1.68 (+20.56%)LAC Lithium Americas Corp. 10.05 +1.62 (+19.22%)OUST Ouster, Inc. 36.16 +5.09 (+16.38%)Top losersALAB Astera Labs, Inc. 161.55 -37.98 (-19.03%)CRDO Credo Technology Group Holding Ltd 129.75 -20.15 (-13.44%)DGNX Diginex Limited 23.30 -2.40 (-9.34%)VIST Vista Energy, S.A.B. de C.V. 35.18 -2.97 (-7.79%)INOD Innodata Inc. 75.83 -5.85 (-7.16%)Most activeBITF Bitfarms Ltd. 5.89 +0.50 (+9.28%)PLUG Plug Power Inc. 4.0500 +0.1500 (+3.85%)NVDA NVIDIA Corporation 180.03 -8.29 (-4.40%)BBAI BigBear.ai Holdings, Inc. 8.91 +0.10 (+1.14%)NVTS Navitas Semiconductor Corporation 12.57 +2.60 (+26.08%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBTC-USD Bitcoin USD 112,989.90 -2,786.17 (-2.41%)NVA Nova Minerals Limited 71.84 +37.68 (+110.30%)WMT Walmart Inc. 107.21 +5.09 (+4.98%)TMQ Trilogy Metals Inc. 10.60 +4.04 (+61.59%)ALAB Astera Labs, Inc. 161.55 -37.98 (-19.03%)Top economic events