- Crypto.com becomes first VASP in UAE to gain Central Bank payment approval.
- License enables digital government payments in dirhams and dirham-backed stablecoins.
- Approval strengthens UAE’s position as a regulated hub for digital asset innovation.
UAE Central Bank Approves Crypto.com’s Payment License
Operating under the brand name Crypto.com, Foris DAX Middle East FZ-LLC was considered to have the In-Principle Approval (IPA) of a Stored Value Facilities (SVF) license granted by the Central Bank of the UAE (CBUAE). This is the first Virtual Asset Service Provider (VASP) in UAE to have such recognition.
Upon the completion of the license, Crypto.com will settle digital payments in UAE dirhams and dirham-pegged stablecoins. This innovation closes the digital finance and the traditional one, directly controlled by the Central Bank.
The approval is one year in duration. In the same period, the company is required to comply with all the technical and compliance requirements prior to the issuance of the full license. The systems at Crypto.com will be reviewed by the officials of the AML, Supervision, and Market Conduct divisions to be prepared.
As of today, the company works as a restricted wallet provider and should discuss the change of its business model with the Central Bank. Crypto.Com also confirmed that it undertook the strict compliance with the Anti-Money Laundering (AML), Counter-Terrorism Financing (CFT) and Counter-Proliferation Financing (CPF) regulations and assured that it would comply fully with the UAE laws.
Digital Payments Strengthen UAE’s Crypto Infrastructure
The new license enables Crypto.com customers to cover the Dubai government charges using cryptocurrencies. A central bank-approved wallet automatically converts crypto to dirhams, thus making transactions open and quick. The entities in Dubai will pay payments in dirhams or stablecoins backed by dirhams, which will encourage reliability.
Crypto.com Group President and COO Eric Anziani stated that approval is a sign of responsible innovation in the company. The President of the Middle East and Latin America, Alain Yacine, commended the Central Bank because it invented safe and adherent payment systems.
Mohammed Al Hakim, president of Foris DAX Middle East, admitted that the consumers and merchants in the UAE are prepared to undertake digital transactions. He noted that the In-Principle Approval confirms Crypto.Com’s high level of security, accessibility, and compliance.
In the previous year, Crypto.com collaborated with Dubai Duty free, the Dubai Department of Finance (DOF), and Emarat Energy Company to implement the expansion of stablecoin payments. It also entered into an MOU with Dubai Land Department (DLD) as a way of exploring blockchain in real estate.
This license reinforces the presence of Crypto.com in the market of digital finance in the UAE. It also helps the nation aim to become a crypto-innovative global center that is regulated to increase confidence in its digital payment system.
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