KARM Legal Consultants founder Kokila Alagh said that the regulations clarify the issuance, licensing and supervision of AED-backed payment tokens.
The board of directors of the Central Bank of the United Arab Emirates (CBUAE) approved the issuance of a new system to oversee and license stablecoins.
In a meeting in Abu Dhabi, the board reportedly discussed projects under the government’s financial infrastructure transformation (FIT) program. The initiative aims to boost digital transactions, advance the country’s digital economy and foster innovation.
The meeting was chaired by UAE vice president and CBUAE chairman Sheikh Mansour bin Zayed Al Nahyan. Attendees included deputy chairmen Abdulrahman Saleh Al Saleh and Jassem Mohammad Al Zaabi, CBUAE Governor Khaled Mohamed Balama, and the central bank’s board members.
