SVF License from UAE Central Bank, Opening a New Era of Crypto Payments!

Jakarta, Pintu News – The approval of the Stored Value Facilities (SVF) license by the Central Bank of the United Arab Emirates to Crypto.com marks a new milestone in the world of digital asset exchange in the United Arab Emirates.

This significant event took place on October 13, where Crypto.com became the first digital asset exchange to obtain in-principle approval for an SVF license. This license allows the platform to offer digital payment solutions for government services and commercial transactions using dirhams or stablecoins tied to dirhams.

Central Bank of UAE SVF License

With the awarding of the SVF license by the UAE Central Bank to Crypto.com, a new era of regulated crypto payments has opened in the United Arab Emirates. This license allows Crypto.com to integrate crypto payments in everyday transactions, both for government services and commercial transactions.

The conversion model developed by Crypto.com ensures that digital assets can be converted instantly to local currency equivalents. This opens up opportunities for the widespread use of cryptocurrencies in mainstream economic activities in the UAE.

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Conversion and Operational Mechanism

The SVF license obtained by Crypto.com operates through a conversion mechanism that allows digital assets to be converted into local currency instantly. Users can pay using any crypto they have in their Crypto.com wallet, and when the final settlement is made, the merchants or government agencies receive payment in dirhams or stablecoins tied to dirhams.

This ensures smooth transactions and increases businesses’ confidence in digital payments. During the principle phase, Crypto.com’s operations will be under a limited wallet framework. This gives the company the opportunity to test and refine their core systems and services.

Any changes to the business model must obtain approval from the Central Bank before being implemented. This is an important step to ensure that all operations meet strict security and regulatory standards.

Compliance and Regulatory Requirements

As part of the SVF license requirements, Crypto.com must demonstrate compliance with anti-money laundering, terrorism financing, and proliferation financing laws for a period of one year from the date of license issuance.

The Supervision, Market Conduct and Anti-Money Laundering Department of the Central Bank will conduct audits and inspections of the company before granting a full license. This shows the UAE’s serious commitment in ensuring safe and orderly business practices in the crypto ecosystem.

During the initial phase, Crypto.com will operate within a framework that restricts some functions to ensure that system integration and testing can be done effectively. This is an important step to ensure that all systems operate in accordance with the expectations and security standards that have been set by regulators.

Partnership Expansion in UAE

Crypto.com has built strong partnerships across the UAE, further strengthening their position in the market. Previously, they have announced collaborations with Dubai Finance Department and Dubai Land Department for the integration of blockchain infrastructure in virtual real estate investment.

The memorandum of understanding with Emirates Airlines also demonstrates significant growth potential in the adoption of crypto payments. These partnerships not only strengthen Crypto.com’s position in the UAE, but also pave the way for widespread adoption of blockchain technology and crypto payments within various sectors. With the support of the Central Bank and cooperation with government entities, Crypto.com is poised to bridge the gap between digital assets and traditional trading under the Central Bank’s regulatory framework.

Conclusion

With the approval of the SVF license from the UAE Central Bank, Crypto.com sets a new standard in orderly and secure crypto payments. This not only increases trust and adoption among users and merchants, but also positions the UAE as a leader in digital finance innovation in the Middle East region.

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Reference

• Watcher Guru. Crypto.com Secures UAE Central Bank Nod for SVF License. Accessed on October 15, 2025