🇦🇪 Crypto.com Receives UAE Stored Value Facilities License to Enable Virtual Asset Payments for Government Services
Crypto.com today announced that its UAE entity, Foris DAX Middle East FZE, has been granted a Stored Value Facilities (SVF) license by the Central Bank of the UAE (CBUAE), making it the first Virtual Asset Service Provider (VASP) in the Emirates to receive this license.
Having secured an SVF license, Crypto.com can now activate its partnership with the Dubai Department of Finance, which will provide residents in the UAE with the ability to pay Government fees with virtual assets. 🤝
All financial settlements will be conducted in UAE dirhams or CBUAE-approved dirham backed stablecoins exclusively through the SVF framework, allowing secure payments and supporting the advancement of the Dubai Cashless Strategy.
@QSIMedia
Crypto.com today announced that its UAE entity, Foris DAX Middle East FZE, has been granted a Stored Value Facilities (SVF) license by the Central Bank of the UAE (CBUAE), making it the first Virtual Asset Service Provider (VASP) in the Emirates to receive this license.
“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,” — said Eric Anziani, President and COO of Crypto.com.
Having secured an SVF license, Crypto.com can now activate its partnership with the Dubai Department of Finance, which will provide residents in the UAE with the ability to pay Government fees with virtual assets. 🤝
All financial settlements will be conducted in UAE dirhams or CBUAE-approved dirham backed stablecoins exclusively through the SVF framework, allowing secure payments and supporting the advancement of the Dubai Cashless Strategy.
@QSIMedia