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<h4><strong>This<a href="https://wam.ae/en/article/b3h9y1x-chaired-mansour-bin-zayed-cbuae-board-reviews" target="_blank" rel="noopener"> decision</a> was made by the board of directors during a meeting held in Abu Dhabi. </strong></h4> 
<p>It is part of the government’s broader Financial Infrastructure Transformation (FIT) program. Let’s explore more about this important adoption news for a stablecoin in the UAE.</p> 
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      <h5><strong>Abu Dhabi Board Decision</strong></h5> 
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<p>The program aims to enhance digital transactions, advance the country’s digital economy, and foster innovation. It underscores the UAE’s commitment to embracing financial technology. Among the key outcomes of the meeting was the approval of regulations governing the issuance and licensing of stablecoins.</p> 
<p>Kokila Alagh of KARM Legal Consultants <a href="https://www.unlock-bc.com/124081/uae-central-bank-approves-new-system-for-licensing-stablecoins/" target="_blank" rel="noopener">shared insights</a> in an interview with Unlock Blockchain.</p> 
<p><img decoding="async" class="wp-image-142306 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cxvcghui-300x164.jpg" alt="" width="585" height="320" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cxvcghui-300x164.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cxvcghui-768x419.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cxvcghui-769x420.jpg 769w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cxvcghui-696x380.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cxvcghui.jpg 879w" sizes="(max-width: 585px) 100vw, 585px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://wam.ae/en/article/b3h9y1x-chaired-mansour-bin-zayed-cbuae-board-reviews" target="_blank" rel="noopener">wam.ae</a></strong></h6> 
<p>According to Alagh, the regulations offer clarity on the issuance, licensing, and supervision of payment tokens backed by the <a href="https://en.wikipedia.org/wiki/United_Arab_Emirates_dirham" target="_blank" rel="noopener">UAE dirham (AED)</a>. Alagh emphasized that tokens must solely back AED, with no other associations.</p> 
<p>Furthermore, merchants and service providers only permit the acceptance of AED-backed tokens, with no allowance for other virtual assets. Alagh emphasized that tokens must be backed only by AED, with no other associations.</p> 
<p>By setting clear stablecoin guidelines, the UAE aims to boost confidence in investors, businesses, and consumers. This positioning aims to establish the UAE as a leader in financial innovation and <a href="https://www.altcoinbuzz.io/?s=regulation" target="_blank" rel="noopener">regulation</a>.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/uaes-central-bank-approves-stablecoin-licensing/">UAE’s Central Bank Approves Stablecoin Licensing</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

UAE’s Central Bank Approves Stablecoin Licensing

Altcoin Buzz

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