UAE Central Bank Approves New System to Monitor and License Stablecoins
Main page News, Stablecoins

The board of directors of the Central Bank of the United Arab Emirates (CBUAE) has just given its approval to a new system to manage and regulate stablecoins.

The decision was made during a meeting held in Abu Dhabi, where the board also discussed several projects included in the government's Financial Infrastructure Transformation (FIT) program.

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This initiative aims to promote digital transactions, boost the country's digital economy and foster innovation.

Among the topics discussed, the CBUAE board approved the publication of a new regulation to supervise and authorize stablecoins.

The regulation provides guidelines for the issuance and licensing of UAE dirham-backed payment tokens.

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