- Foris DAX Middle East Secures In-Principle Approval from the UAE Central Bank for Stored Value Facilities (SVF) License
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The company aims to provide digital payment services for Dubai government fees in local currency and dirham-pegged stablecoins upon obtaining the final license.
Foris DAX Middle East, operating under the brand name Crypto.com, has received In-Principle Approval (IPA) from the Central Bank of the United Arab Emirates (CBUAE) for a Stored Value Facilities (SVF) license, marking a major step in its expansion across the UAE’s regulated digital finance ecosystem.
The final license
Once the final license is granted, the company will be authorized to provide digital payment services for Dubai Government fees in UAE dirhams or dirham-pegged stablecoins, under the CBUAE’s SVF framework.
Through this framework, customers will be able to pay government fees using any digital assets held on the VARA-licensed Crypto.com platform, which will automatically convert those assets into UAE dirhams to complete transactions via a Central Bank-licensed digital wallet.
Dubai government entities, in turn, will receive settlements in dirhams or dirham-pegged stablecoins.
Eric Anziani, President and Chief Operating Officer of Crypto.com Group, commented:
“This regulatory milestone reinforces our commitment to responsible innovation and reflects the UAE’s forward-looking vision in advancing regulated digital commerce.”
During this transitional phase, the company will operate as a Restricted Wallet Provider, under conditions set by the Central Bank, and will seek prior approval for any changes to its business model.
Foris DAX Middle East reaffirmed its adherence to Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations, as well as record-keeping obligations in accordance with UAE laws and international standards.
The final license will be issued once all technical and regulatory requirements are fulfilled, including an on-site inspection by the Central Bank’s Supervision, Market Conduct, and AML departments to ensure system readiness.
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