Crypto.com, a comprehensive, centralized cryptocurrency platform to accelerate global adoption of blockchain, is excited to announce that it has become the first Virtual Asset Service Provider (VASP) to get a Stored Value Facilities (SVF) license from the Central Bank of the UAE. The basic purpose of this development is to enable regulated digital asset payments for government services and expand real-world crypto adoption in the UAE.
This legislation process enables Crypto.com’s partnership with the Dubai Department of Finance to facilitate residents in the UAE to pay government fees with virtual assets. All financial settlements will be conducted in UAE dirhams, or dirham-backed stablecoins only via the SVF framework for the purpose of enabling secure payments and supporting the Dubai Cashless Strategy. Crypto.com has shared this news through its official social media X account.
Crypto.com Reinforces Commitment to Compliance and Crypto Innovation in the UAE
UAE needs to be on boarded by Crypto.com to enjoy virtual asset payments globally, on a VARA-licensed platform. The SVF license will also permit Crypto.com to start its crypto payment integrations with Emirates Airlines & Dubai Duty Free. Crypto.com stands as a leading digital assets platform in the region, with highly trusted compliance and security protocols. This is a great time for the people of the UAE, especially in terms of crypto payments expansion.
Eric Anziani, President and COO of Crypto.com, expressed his view. He said, “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.”
“We are always developing our presence in this forward-thinking, digital-savvy market and continue to lead the way when it comes to offering innovative products and services that are genuinely convenient and seamless for those who own digital assets.”
Crypto.com and UAE Finance Department Expand Regulated Crypto Payments
Crypto.com has completely legitimized its services in alliance with the UAE Department of Finance for the expansion of regulated crypto payments in the entire area of UAE. This development surely helps the residents of the UAE to solve their problems and start their trading with virtual digital assets across the globe. They will be able to pay different fees, even government fees, in every sector.
Mohammed Al Hakim, President and GM, UAE & Bahrain, said, “We are now able to offer what no other digital asset platform can, by providing exclusive digital asset payment services for Dubai Government fees to residents in the UAE. Crypto.com. It is such an honour to be able to now launch our Dubai Finance partnership and play our role in not only enabling the cashless strategy, but also advancing the future of digital payments in the UAE.”
