UAE lawyer Irina Heaver told Cointelegraph that the policy shift could signal a “less favorable environment” for crypto in the UAE.
Crypto and blockchain lawyer Irina Heaver believes newly-released regulations in the United Arab Emirates (UAE) may prohibit crypto payments in the country.
On June 5, the board of directors of the Central Bank of the United Arab Emirates (CBUAE) discussed projects under the country’s financial infrastructure (FIT) program, an initiative to boost digital transformation.
In the meeting, the board approved the issuance of payment token services regulations to oversee and license stablecoins. The new guidelines suggested that payment tokens in the country must be backed by UAE dirhams and cannot be linked to other currencies.
