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Dubai partners with Crypto.com to launch cryptocurrency government payments
Crypto news, Dubai has obtained a stored value facility license from the Central Bank of the United Arab Emirates through Crypto.com, allowing residents to pay government fees using cryptocurrencies. The approval activates a partnership with Dubai’s Ministry of Finance, with potential future support for integration with Emirates Airlines and Dubai Duty-Free, pending further approval. This move expands Crypto.com’s regulatory presence in the UAE; in addition to the existing VARA license, Crypto.com has also received a stored value facility license, enabling residents to pay government service fees with cryptocurrencies via its platform, with actual settlement conducted in AED or approved stablecoins. This authorization applies to Crypto.com’s Dubai entity, Foris DAX Middle East FZE, fostering collaboration with Dubai’s Ministry of Finance. Through this partnership, users will be able to make payments using digital assets, while the payment infrastructure will convert transactions into local currency for settlement. This initiative is part of Dubai’s efforts to accelerate cashless payments and modernize its financial ecosystem, leveraging blockchain technology and regulated digital asset infrastructure.