Overview

• Foris DAX Middle East, Crypto.com’s UAE unit, received In‑Principle Approval from the Central Bank for a Stored Value Facilities license, marking the first such nod to a VASP in the country.
• The framework will allow residents to pay Dubai government fees with supported digital assets that are converted instantly, with settlements delivered to government entities exclusively in UAE dirhams or dirham‑pegged stablecoins.
• Final activation requires Crypto.com to pass technical readiness assessments and a detailed on‑site inspection by the Central Bank’s Supervision, Market Conduct, and AML divisions.
• During the In‑Principle period the company operates as a Restricted Wallet Provider under strict change‑control, with the approval remaining valid for one year.
• The milestone builds on Crypto.com’s VARA authorization, extended in March to derivatives, and aligns with the UAE’s push toward a Digital Dirham CBDC in Q4 2025 and a regulator‑approved AE Coin stablecoin from an IHC‑ADQ‑FAB consortium.