So, Crypto.com got the UAE’s stamp of approval for their SVF license, huh? Big whoop. Now Dubai residents can pay government fees in crypto. Converted to dirhams or stablecoins. 🤷♂️ What’s next, paying with sand?
In a move that’s about as surprising as me spilling coffee on my shirt, Crypto.com has secured this fancy Stored Value Facility (SVF) license in Dubai. 🌟 Apparently, it’s a “significant move.” Sure, Jan. Now UAE folks can pay their government fees digitally. All settlements? Dirhams or dirham-pegged stablecoins. 🤑 Because who doesn’t love a good pegged currency? Regulatory milestone? More like a regulatory shrug. 🤷♀️
VARA-Licensed Platform: Revolutionizing Payments, One Dirham at a Time
Once they get the final license (because one approval isn’t enough), they’ll start offering services to all UAE citizens. 🎉 Pay with any digital asset? Sure, why not. Through a VARA-accredited platform, no less. Compliance? Check. Adherence to local regulations? Double check. 📜 Because nothing says innovation like following the rules. 🙄
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The platform will magically turn your crypto into UAE Dirhams. ✨ Poof! Just like that. Through a digital wallet licensed by the Central Bank, no less. Easy peasy. 🥳 Meanwhile, Dubai’s government gets their dirhams (or stablecoins) instantly. No crypto volatility risk. Because who wants excitement in their finances? 😒
Crypto.com’s President and COO Eric Anziani chimed in. “Making digital assets useful in everyday life is our core vision,” he said. 🧐 Sure, Eric. Whatever you say. This regulatory milestone? A “major indicator of commitment.” 🤔 Sounds like corporate speak for “we’re trying to look good.” Responsible innovation? More like responsible boredom. 😴
He also praised the UAE’s vision for regulated e-commerce. “Strong regulatory environment,” he gushed. 🌟 Yeah, because nothing screams innovation like red tape. This move? Just another way to say, “We’re here to stay.” 🚀
Regulatory Compliance: The Unlikely Hero of Digital Commerce
Alain Yacine, President of Middle East & Latin America, couldn’t stop praising the Central Bank of the UAE. 🙌 “Creating new structures for compliance,” he said. 🏗️ Because nothing says progress like more rules. Regulator-innovator relationship? More like a forced marriage. 💍
Mohammed Al Hakim, President of Foris Dax Middle East FZE, was over the moon. 🌙 His firm’s part in the approval process? “Enormous success,” he declared. 🎊 Consumers and merchants are “looking forward to online shopping.” 🤔 Isn’t that just… shopping? Being the first VASP to get this approval? Yawn. 😴
Safety and security first, he emphasized. 🤓 Collaborating with regulators and partners? Sure, because who doesn’t love a good group project? Compliance as the centerpiece? 🌟 Stability for all market participants. Snore. 😴
In this first phase, they’re a Restricted Maintenance Provider of Wallets. 🛠️ Prior permission for any changes? Sounds like a ball and chain. 🔗 Strict controls for safe deployment? More like a straitjacket. 🤪
Final license? Gotta satisfy all technical and regulatory requirements. 🧾 On-site inspection by the Central Bank? 🎤 “Is this thing on?” System readiness? Better be, or no approval. 🚫
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2025-10-13 20:31