Crypto.com Secures CBUAE SVF License to Enable Dubai Government Fee Payments

Crypto.com said on May 11 that its UAE entity, Foris DAX Middle East FZE, received a Central Bank of the UAE stored value facilities (SVF) license, allowing government fees to be paid using virtual assets via its Dubai Department of Finance partnership. The company said settlements will be completed in UAE dirhams or CBUAE-approved dirham-backed stablecoins, and that the authorization also supports planned payment integrations with Emirates Airlines and Dubai Duty Free.