While the UAE central bank has given a significant regulatory nod to a new stablecoin, an FTX customer sued hedge fund Olympus Peak over its alleged profits from the exchange’s meltdown.
The Central Bank of the United Arab Emirates (CBUAE) granted in-principle approval to AED Stablecoin under its Payment Token Service Regulation framework.
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 that arose after the CBUAE’s recent release of its licensing framework, which prohibits crypto for payments unless it involves licensed dirham-pegged tokens.
