India, May 12 -- The United Arab Emirates has taken a major step toward becoming one of the world's leading crypto and fintech hubs after officially granting its first regulated crypto payment licence to Crypto.com.

The decision allows the company to provide regulated cryptocurrency payment services across the UAE and marks one of the biggest developments in digital finance in the Middle East this year. The approval also strengthens Dubai's push toward a fully cashless economy while expanding real-world use cases for digital assets.

The new framework could soon allow residents and travellers to use cryptocurrencies for government-related services, shopping and travel payments through approved systems linked directly to the UAE's regulat...