TLDR
- Crypto.com secured a Stored Value Facilities license from the UAE central bank.
- Dubai residents can pay government fees using Crypto.com’s platform.
- Government payments settle in UAE dirhams or approved dirham-backed stablecoins.
- The rollout supports Dubai’s goal of 90% cashless transactions by 2026.
- Crypto.com plans possible integrations with Emirates and Dubai Duty Free.
The United Arab Emirates has enabled residents to pay Dubai government fees using cryptocurrency through a partnership between the Dubai Department of Finance and Crypto.com.
The service allows eligible users to make payments with digital assets through Crypto.com’s platform. Final settlement to the government will be completed in UAE dirhams or central-bank-approved dirham-backed stablecoins, meaning public entities will not hold volatile crypto assets directly.
The move follows Crypto.com securing a Stored Value Facilities license from the Central Bank of the UAE through its regional subsidiary, Foris DAX Middle East FZE. The approval makes Crypto.com the first crypto company to receive this type of license from the central bank.
Crypto.com said the license activates its partnership with Dubai Finance and allows it to provide digital asset payment services for Dubai government fees. Residents and businesses must be onboarded through Crypto.com’s licensed platform to use the service.
The program covers government-related payments and is expected to support Dubai’s wider move toward digital payments. Possible use cases include public service fees and other government charges that fall within approved payment channels.
Crypto.com Receives UAE Central Bank License
The Stored Value Facilities license is a key regulatory approval for Crypto.com in the UAE. It allows the company to offer stored-value and payment services under the supervision of the Central Bank of the UAE.
Crypto.com had already secured authorization from Dubai’s Virtual Assets Regulatory Authority before receiving central bank approval. That means users must access the service through Crypto.com’s regulated local platform.
Mohammed Al Hakim, president and general manager for Crypto.com in the UAE and Bahrain, said the company can now provide digital asset payment services for Dubai government fees. He said the partnership with Dubai Finance supports the emirate’s cashless strategy and digital payments agenda.
The structure of the service keeps crypto conversion within the payment provider’s system. A user can pay with digital assets, but the government receives settlement in dirhams or approved dirham-backed stablecoins.
This model reduces direct exposure to crypto price volatility for public entities. It also places the transaction flow within the UAE’s regulated financial and virtual asset framework.
Dubai Links Crypto Payments to Cashless Strategy
The initiative forms part of Dubai’s Cashless Strategy, which aims to make 90% of transactions cashless by the end of 2026. Dubai has estimated that wider use of digital payments could add about AED 8 billion, or roughly $2.2 billion, to the economy each year.
Government fee payments are a central part of the city’s transaction system. Allowing approved crypto payment channels adds another option for residents and businesses that already use digital assets.
The service may also support Dubai’s efforts to position itself as a regulated hub for virtual assets. The emirate has built a framework for crypto companies through VARA while the federal central bank continues to supervise payment and stored-value activity.
The Dubai Department of Finance partnership with Crypto.com shows coordination between public finance systems, virtual asset providers and banking regulators. The model also reflects a wider trend where crypto payments are converted into local currency before reaching merchants or government entities.
Future phases could extend payment options to major Dubai-linked businesses. Crypto.com has said it plans to pursue integrations with Emirates Airline and Dubai Duty Free, subject to further approvals from regulators.
Digital Asset Adoption Expands in the UAE
Crypto.com’s approval adds to a broader wave of digital asset activity in the UAE. The company has more than 150 million registered users globally and has been expanding its regional operations.
The firm has also partnered with DMCC, Dubai’s major trade and business free zone, to explore tokenized real-world assets and blockchain infrastructure for commodities markets.
Those efforts include work with the DMCC Crypto Centre on workshops, hackathons and training programs for businesses exploring tokenized asset models.
Dubai’s payment program does not mean government bodies will hold Bitcoin or other cryptocurrencies on their balance sheets. The conversion process remains central to the rollout, with Crypto.com handling the crypto side and the government receiving approved settlement assets.
The approach may help regulators manage payment risk while allowing residents to use digital assets for practical services. It also places Dubai among the jurisdictions testing regulated crypto payment use in public finance.
