Foris DAX Becomes First With UAE In-Principle Stored Value Licence

Foris DAX Middle East FZ-LLC, trading as Crypto.com, has become the first virtual asset service provider to receive an In-Principle Approval from the Central Bank of the United Arab Emirates for a stored value facilities licence. Once the final licence is granted, the company will be able to provide digital payment services for Dubai Government fees to residents, with all settlements conducted in UAE dirhams or dirham-pegged stablecoins through the stored value facilities framework. Under the model described, customers would pay using digital assets via the company’s VARA-licensed platform, which automatically converts those assets into UAE dirhams and completes the transaction instantly via a digital wallet licensed by the Central Bank, while government entities receive settlements in dirhams or dirham-pegged stablecoins. During the approval phase, the company will operate as a Restricted Wallet Provider under Central Bank conditions and obtain prior approvals for any business model changes. It reaffirmed its commitment to anti-money laundering, combating the financing of terrorism, and counter-proliferation financing obligations, as well as record-keeping requirements, in line with UAE legislation and international standards. The final licence will be issued after technical and regulatory requirements are met and following on-site inspections by the Central Bank’s Supervision, Market Conduct, and AML departments; the In-Principle Approval is valid for one year from issuance.