Crypto.com has received in-principle approval from the Central Bank of the United Arab Emirates for a Stored Value Facility (SVF) license, marking a significant milestone as the first virtual asset service provider in the UAE to achieve this. This approval allows Crypto.com, operating as Foris DAX Middle East FZ-LLC, to advance towards offering digital payment services in UAE dirhams or dirham-pegged stablecoins. Once the final license is granted, Crypto.com will facilitate financial settlements in local currency, enabling UAE residents to pay government fees digitally. Additionally, Dubai government agencies will be able to receive payments in UAE dirhams or dirham-pegged stablecoins, enhancing the integration of digital assets in public financial transactions.