Foris DAX Middle East Becomes the First Virtual Asset Service Provider to Receive In-Principle Approval from the Central Bank of the UAE for a Stored Value Facilities License

October 13, 2025 – Foris DAX Middle East FZ-LLC (trading as Crypto.com) today announced that it has received In-Principle Approval (IPA) from the Central Bank of the United Arab Emirates (CBUAE) for a Stored Value Facilities (SVF) license, becoming the first Virtual Asset Service Provider (VASP) in the UAE to obtain such approval.

Upon receiving the final license, the company will be able to provide digital payment services for Dubai Government fees to residents in the UAE, with all financial settlements conducted in UAE dirhams or dirham-pegged stablecoins exclusively through the Stored Value Facilities framework.

Using an innovative model developed by the company, customers will be able to make payments using any digital assets they own through the VARA-licensed platform, which will automatically convert the assets into UAE dirhams and complete the transaction instantly via the digital wallet licensed by the Central Bank.

Meanwhile, Dubai government entities will receive the settlements in UAE dirhams or dirham-pegged stablecoins.

“Increasing everyday utility of digital assets is central to our vision at Crypto.com,” said Eric Anziani, President and COO of Crypto.com Group. “This latest regulatory milestone is  testament to both our commitment to responsible innovation, as well as to the UAE for seeing the promise of regulated digital commerce.”

Alain Yacine, President of Middle East & Latin America for Crypto.com commented: “We commend the Central Bank of the UAE for its vision and willingness for collaboration on developing regulatory frameworks to open new and compliant opportunities for commerce.”

Mohammed Al Hakim, President and GM of UAE of Foris Dax Middle East FZE also said “Both consumers and merchants in the UAE are eager to engage in digital commerce and we are incredibly proud to be the first VASP to receive In-Principle approval for an SVF licence  in-market. We look forward to continuing to work with regulators and our partners in-market to further enable accessibility to this initiative with safety, security, and compliance at the core.”

During this phase, the company will operate as a Restricted Wallet Provider, in accordance with the conditions set by the Central Bank, and will obtain prior approvals for any modifications to its business model. The company also reaffirms its full commitment to Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) obligations, as well as record-keeping requirements, in line with the UAE’s applicable legislation and international standards.

The final license will be granted once all technical and regulatory requirements are met and after the on-site inspection by the Supervision, Market Conduct, and AML departments of the Central Bank of the UAE to verify system readiness prior to the final issuance.

The In-Principle Approval remains valid for one year from the date of issuance.