Crypto.com Becomes First in Crypto Industry to Obtain UAE Central Bank SVF License Linked to Dubai Government Service Payments

On May 11, 2026, Crypto.com's United Arab Emirates (UAE) entity became the first Virtual Asset Service Provider (VASP) to obtain a Stored Value Facility (SVF) license from the Central Bank of the UAE. This license is directly linked to the Dubai government's cryptocurrency payment services and is evaluated as a groundbreaking case that narrows the gap between private exchanges and national financial systems.

The acquisition of this SVF license means that Crypto.com has come to perform a role beyond that of a simple exchange within Dubai. Through this license, Crypto.com has established a legal foundation to integrate cryptocurrency payment solutions into the Dubai government's public service fee payment system.

The Dubai government has presented a truly global vision for a cashless society. Crypto.com is proud to support the Dubai Department of Finance's initiative and provide the first comprehensive cryptocurrency payment service. — Eric Anziani, President and COO of Crypto.com.

The Dubai Department of Finance and Mohammed Al Hakim, Chairman of Crypto.com UAE, previously signed a Memorandum of Understanding (MoU) at the Dubai Fintech Summit. Through this partnership, individual and corporate customers will be able to pay various fees to government agencies with cryptocurrency as soon as technical preparations are complete. The following are key cooperation schedules between Crypto.com and the Dubai government.

Dubai's 'Cashless Society' Vision and Economic Goals

The Dubai government aims to convert 90% of all transactions to non-cash methods by 2026. This 'cashless transaction' initiative is expected to bring an additional stimulus effect of approximately 8 billion dirhams (AED) to the Dubai economy.

• Goal to achieve a 3% contribution (approx. 13 billion dirhams) to Dubai's GDP from the virtual asset sector by the end of 2026
• Completion of licensing for over 500 related companies through the Dubai Virtual Assets Regulatory Authority (VARA)
• Cryptocurrency user penetration rate projected to reach 33.48% by the end of 2026
• Acceleration of tokenization of Real World Assets (RWA) such as aviation, real estate, and government bonds

Crypto.com has also entered into a separate agreement with the Dubai Land Department to create a digital investment environment for virtual real estate assets. The company will support investor decision-making by providing technical solutions and analytical tools to promote the use of digital currencies in the real estate sector.

Significant changes are also observed in terms of regulation. According to Cabinet Decision No. 336 (2025) announced by the UAE Ministry of Finance in February 2026, VARA has been designated as the competent authority for corporate tax purposes. This shows that Dubai is fully integrating the virtual asset industry into the institutional system and building a transparent taxation and regulatory environment. The table below shows key economic indicators targeted by Dubai by the end of 2026.

Strengthening Position as a Global Virtual Asset Hub

Dubai has established itself as a global hub, currently attracting more than 500 virtual asset companies. As of early 2026, Assets Under Management (AUM) in virtual assets reached $25 billion, reflecting high interest from global investors.

This achievement by Crypto.com will serve as an opportunity to establish a differentiated position among global competitors such as Binance and OKX. In particular, the fact that it is the first VASP integrated into official government payment channels is expected to play a decisive role in enhancing brand credibility.

In the future, the market is expected to shift its focus beyond simple transactions to the tokenization of assets. As the tokenization of real-world assets, including aviation assets and government bonds, progresses, Dubai is expected to become the most advanced market where digital finance and the real economy converge.