According to ChainCatcher News and Cointelegraph, the Central Bank of the United Arab Emirates (CBUAE) has approved in principle the issuance license for the AED stablecoin based on the regulatory framework for payment token services. This makes AED Stablecoin the first authorized entity to issue a dirham-pegged stablecoin in the UAE.
Once final approval is received, AE Coin issued by AED Stablecoin will be available as a local trading pair for cryptocurrency transactions, and merchants will be able to accept AE Coin as payment for goods and services.
Under the CBUAE licensing framework, stablecoin issuers must either hold the entirety of their assets in cash in a separate custodial account with a UAE bank, or hold at least 50% of their reserve assets in cash and the remainder in UAE government bonds. They are required to be authorized to invest. and CBUAE currency notes.
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