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Crypto.com has obtained in principle approval for a stored value payment instrument license issued by the Central Bank of the UAE.
PANews, October 13, reported that Crypto.com announced on its official blog that Foris DAX Middle East FZ-LLC (operating under the name of Crypto.com) has received preliminary approval for a Stored Value Facilities (SVF) license issued by the Central Bank of the United Arab Emirates (CBUAE), becoming the first virtual asset service provider in the UAE to obtain such approval. After obtaining the final license, the company will be able to conduct all financial settlements in UAE Dirhams or stablecoins pegged to Dirhams through the Stored Value Facilities framework, providing digital payment services for residents of the UAE to pay Dubai government fees. Meanwhile, Dubai government agencies will receive settlement payments in the form of UAE Dirhams or stablecoins pegged to Dirhams.