Core Insights - Crypto.com has received In-Principle Approval (IPA) from the Central Bank of the UAE for a Stored Value Facilities (SVF) license, becoming the first Virtual Asset Service Provider (VASP) in the UAE to achieve this recognition [1][2] Company Developments - Once the final license is granted, Crypto.com will enable direct processing of Dubai Government fee payments in UAE dirhams or dirham-pegged stablecoins, allowing users to pay with their preferred digital assets that will be converted into dirhams for settlement [2][5] - The company has reiterated its commitment to Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) obligations [3] - Crypto.com holds a Dubai Virtual Assets Regulatory Authority (VARA) license and operates through its local entity, Foris DAX Middle East FZE, offering services such as exchange, brokerage, lending, and investment [4] Regional Presence and Partnerships - The company has established Dubai as a key operational hub for global retail and institutional services, partnering with Emarat and Tawasal to enhance local payment solutions [5] - The final SVF license will be issued after the Central Bank's departments complete on-site inspections to verify technical and compliance readiness [5][6] Industry Context - The UAE is strengthening its global leadership in the crypto sector with a progressive regulatory approach, promoting compliance and boosting investor confidence through clear legal frameworks [7] - A recent study indicates that 25.3% of UAE residents hold some form of cryptocurrency, reflecting growing public engagement, and the UAE ranked third globally on the Henley & Partners Crypto Adoption Index in 2024 [8]