Crypto.com has received in-principle approval for a stored value payment instrument license issued by the Central Bank of the UAE

ChainCatcher news, Crypto.com announced on its official blog that Foris DAX Middle East FZ-LLC (operating under the name Crypto.com) has received in-principle approval for a Stored Value Facility (SVF) license issued by the Central Bank of the United Arab Emirates (CBUAE), becoming the first virtual asset service provider in the UAE to obtain such approval.

Upon obtaining the final license, the company will be able to conduct all financial settlements through the stored value facility framework, providing digital payment services for Dubai government fees in UAE Dirhams or stablecoins pegged to the Dirham for residents of the UAE. Meanwhile, Dubai government agencies will receive settlement payments in UAE Dirhams or stablecoins pegged to the Dirham.