The approval for Foris DAX Middle East marks a first for VASPs in the UAE, paving the way for digital government payments.
Foris DAX Middle East FZ-LLC has become the first Virtual Asset Service Provider (VASP) to receive In-Principle Approval (IPA) from the Central Bank of the United Arab Emirates (CBUAE) for a Stored Value Facilities (SVF) licence.
Once the final licence is issued, the company will be authorised to facilitate digital payments for Dubai Government fees, with settlements processed exclusively in UAE dirhams or dirham-pegged stablecoins under the Stored Value Facilities framework.
Using a model developed by the company, customers will be able to make payments using digital assets on the VARA-licensed Crypto.com platform. These assets will be automatically converted to dirhams for instant settlement through the CBUAE-licensed digital wallet, while government entities will receive payments in dirhams or dirham-backed stablecoins.
“Increasing everyday utility of digital assets is central to our vision at Crypto.com,” said Eric Anziani, President and COO of Crypto.com Group. “This latest regulatory milestone is testament to both our commitment to responsible innovation, as well as to the UAE for seeing the promise of regulated digital commerce.”
Alain Yacine, President of Middle East & Latin America at Crypto.com, added: “We commend the Central Bank of the UAE for its vision and willingness to collaborate on frameworks that open new, compliant opportunities for commerce.”
Mohammed Al Hakim, President and GM of UAE at Foris DAX Middle East, said: “Consumers and merchants in the UAE are eager to engage in digital commerce, and we are incredibly proud to be the first VASP to receive In-Principle Approval for an SVF licence. We look forward to working closely with regulators and partners to expand access safely and securely.”
During the current phase, Foris DAX Middle East will operate as a Restricted Wallet Provider, following all conditions set by the Central Bank, including prior approval for any business model changes.
The company reaffirmed its full compliance with Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) obligations, as well as record-keeping requirements under UAE law and international standards.
The final licence will be granted after Foris DAX Middle East meets all technical and regulatory requirements and successfully completes an on-site inspection by the Central Bank’s Supervision, Market Conduct, and AML departments to verify system readiness. The current In-Principle Approval remains valid for one year from its date of issuance.
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