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.