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Crypto.com Becomes First VASP in UAE to Receive Central Bank Approval for Digital Wallet

Crypto.com Becomes First VASP in UAE to Receive Central Bank Approval for Digital Wallet

Author:

Global Cryptocurrency

Published:

2025-10-14 00:09:01

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BTCCSquare news:

Crypto.com has secured In-Principle Approval from the Central Bank of the UAE for a Stored Value Facilities license, marking a historic milestone as the first VIRTUAL Asset Service Provider to achieve this regulatory nod. The approval paves the way for UAE residents to pay Dubai government fees using digital assets, which will be instantly converted to UAE dirhams or dirham-pegged stablecoins.

The MOVE underscores the UAE's progressive stance on digital commerce, with stringent adherence to security and anti-money laundering standards. Crypto.com's expansion into the Middle East gains significant momentum, positioning the platform as a leader in regulated digital payments within the region.

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