The Central Bank of the UAE has officially issued a Stored Value Facilities license to Foris DAX Middle East, the regional entity of the global platform Crypto.com. This move marks a major step in the integration of digital assets into the UAE’s regulated financial system. The approval allows the platform to provide regulated digital asset payment services across the country, supporting the national objective of making 90 percent of all transactions cashless by 2026. Under this new framework, UAE residents will soon be able to use digital wallets to pay for various government services. The system is designed to instantly convert digital asset payments into UAE dirhams or approved stablecoins before the funds reach government accounts. This ensures that the public sector remains shielded from the volatility of digital currencies while benefiting from the speed and efficiency of the technology. Beyond government fees, the license creates a path for future integrations with major national entities like Emirates Airline and Dubai Duty Free. Authorities estimate that the transition to a broader cashless economy could contribute nearly 8 billion Dirhams to the national economy every year. This contribution comes through increased fintech innovation and the expansion of digital commerce. The move reinforces the UAE’s position as a global leader in the digital economy and a hub for financial innovation. By providing a clear and robust regulatory framework, the Central Bank is fostering a secure environment that attracts international fintech companies and builds trust among local consumers. This license represents a significant milestone in the UAE’s broader strategy to modernize its financial infrastructure and provide seamless, tech-driven services to all residents and businesses.
- Latest
- Trending
