With Tether waiting in the wings, AED Stablecoin becomes the front-runner to launch the United Arab Emirates’ first regulated dirham-pegged token.
The Central Bank of the United Arab Emirates (CBUAE) has granted in-principle approval to AED Stablecoin under its Payment Token Service Regulation framework, the company announced in a press release.
AED Stablecoin’s preliminary license approval makes it a frontrunner in the race to become the first issuer of a regulated dirham-pegged stablecoin in the UAE.
This development eases concerns about potential restrictions on crypto payments, which had arisen following the CBUAE’s recent release of its licensing framework, which prohibits crypto for payments unless it involves licensed dirham-pegged tokens.
