๐Ÿšจ Crypto Payment Ban in UAE?

UAE lawyer Irina Heaver warns that new regulations might ban crypto payments in the UAE. On June 5, the Central Bank's board discussed the FIT program, approving rules for payment token services. These guidelines require tokens to be backed by UAE dirhams, excluding other currencies.

๐Ÿ’ผ๐Ÿ”— Heaver argues that these rules prohibit using cryptocurrencies for goods and services unless they're licensed dirham tokens or registered foreign tokens, which donโ€™t yet exist. She highlights that this contradicts the UAE's pro-investment stance and could deter foreign investment.

๐Ÿคท Heaver stresses that Tether has been crucial for Web3 transactions, and these regulations might hinder the UAEโ€™s digital economy ambitions.