PANews reported on October 13th that Crypto.com announced in an official blog post that Foris DAX Middle East FZ-LLC (doing business as Crypto.com) has received in-principle approval from the Central Bank of the United Arab Emirates (CBUAE) for a Stored Value Facility (SVF) license, becoming the first virtual asset service provider in the UAE to receive such approval. Upon receipt of the final license, the company will be able to conduct all financial settlements in UAE dirhams or dirham-pegged stablecoins through the SVF framework, providing digital payment services for UAE residents to pay Dubai government fees. Dubai government agencies will also receive settlement payments in UAE dirhams or dirham-pegged stablecoins.