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Crypto.com Gains Initial UAE Approval for Stored Value Facility License

Crypto.com’s Foris DAX Middle East FZ-LLC secures approval to offer regulated digital payments, including government fees in crypto converted into UAE dirhams or AED-pegged stablecoins.

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Summary

Crypto.com’s Foris DAX Middle East FZ-LLC has become the first virtual asset service provider in the UAE to receive in-principle approval for a Stored Value Facility license. This approval will enable the firm to process digital payments, including government fees, converted into UAE dirhams or AED-pegged stablecoins once compliance checks are completed.

Terms & Concepts
  • Stored Value Facility (SVF): A regulatory framework in the UAE for entities offering prepaid or stored value payment solutions, enabling transactions in specific currencies or stablecoins.
  • Dirham-Pegged Stablecoin: A type of cryptocurrency whose value is directly tied to the UAE dirham, maintaining price stability for transactions.
  • Virtual Asset Service Provider (VASP): An entity offering services related to digital assets, including transactions, storage, or exchange in compliance with local regulations.