Crypto.com Secures UAE's First Fully Licensed Crypto Payments Provider Status

Crypto.com has achieved a major regulatory milestone in the United Arab Emirates by becoming the first fully licensed crypto payments provider.

The company was granted a Stored Value Facilities license by the Central Bank of the UAE, enabling it to provide cryptocurrency payment services to Dubai government institutions and paving the way for potential partnerships with Emirates Airlines and Dubai Duty Free.

This development supports Dubai's goal of achieving 90% cashless transactions in the country, which is expected to generate at least AED 8 billion annually. The partnership between Crypto.com and the Dubai Department of Finance will allow UAE citizens to make payments for certain government services using crypto assets.