Crypto.com has become the first crypto company to secure a Stored Value Facilities license from the Central Bank of the UAE. The Singapore-based exchange, with over 150 million users, can now process digital asset payments for government fees in Dubai.
Mohammed Al Hakim, President and GM for the UAE and Bahrain, said the partnership with Dubai Finance supports the emirate's cashless strategy and advances digital payments in the region.
All crypto payments are converted into UAE dirhams or dirham-backed stablecoins, ensuring the government is not exposed to volatile crypto holdings.
Pending additional approvals, Crypto.com plans to expand integrations with Emirates Airlines and Dubai Duty Free.
Dubai's Cashless Strategy targets digitizing 90% of transactions by 2026, with an estimated annual economic benefit of AED 8 billion (about $2.2 billion).