Crypto.com won permission from the Central Bank of the United Arab Emirates to allow residents to pay government bills in crypto

Crypto.com, headquartered in Singapore with over 150 million subscribers, has become the first crypto company to receive a Stored Value Facility (SVF) license from the Central Bank of the United Arab Emirates. Dubai residents are now able to pay government bills with digital assets.

Mohammed Al Hakeem, who serves as President and GMM for the UAE and Bahrain, said in a statement: “The partnership with Dubai Finance supports the Emirates' cashless strategy by helping to drive digital payments forward in the UAE.

The license was granted this month to Crypto.com's regional arm DAX Middle East FZE, which operates a partnership with the Dubai Department of Finance that transfers payments to the emirate's public coffers.

All settlements are converted into UAE dirhams, or a central bank-approved stablecoin backed by dirhams, so the government never holds volatile crypto on its books.

Pending further central bank registrations, Crypto.com plans to roll out payment integrations with Emirates Airlines and Dubai Duty Free.

Dubai's cashless targets and regulatory background

Dubai's cashless strategy aims to digitize 90% of all transactions by the end of 2026. The emirate estimates annual economic growth at around AED 8 billion, or about $2.2 billion, in cash terms.

Crypto.com has taken full VARA approval before showing approval of the Stored Value Facility, which the central bank gave its first blessing in October 2025.

The company has partnered with DMCC, Dubai's leading trade and commerce free zone, to tokenise real-world values ​​and blockchain infrastructure for commodity markets.

Additional efforts include joint programs with the DMCCC Crypto Center, such as workshops, hackathons, and training initiatives to support businesses in adopting tokenized asset models.