Crypto.com obtains UAE stored value facility license

Crypto.com announced that its UAE entity Foris DAX Middle East FZE has been granted a stored value facility license by the Central Bank of the UAE, becoming the first virtual asset service provider to receive this license. Crypto.com will collaborate with the Dubai Ministry of Finance to support UAE residents in using encrypted assets to pay for government service fees. Funds will be settled in UAE dirhams or stablecoins approved by the central bank, and plans to advance the integration of encrypted payments with Emirates Airlines and Dubai Duty Free stores.