TechFlow News: On May 11, Foris DAX Middle East FZE, Crypto.com’s UAE-based entity, received a Stored Value Facility (SVF) license from the Central Bank of the United Arab Emirates (CBUAE), becoming the first Virtual Asset Service Provider (VASP) in the UAE to obtain this license. Following licensure, Crypto.com will commence collaboration with the Dubai Ministry of Finance to enable UAE residents to pay government fees using virtual assets; all related fund settlements will be conducted exclusively through the SVF framework—using either UAE dirhams or CBUAE-approved dirham-pegged stablecoins. Upon further approval by the CBUAE, the license will also support integration of cryptocurrency payments with Emirates Airlines and Dubai Duty Free.
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