⚠️Cryptopayments May Be Declared Illegal in the UAE
An exception will be made for licensed stablecoins backed by the dirham.
⛔️ At a meeting on June 5, the Board of Directors of the Central Bank of the United Arab Emirates approved the issuance of payment token service rules for the oversight and licensing of stablecoins.
✔️ The new regulations stipulate that payment tokens in the country must be backed by UAE dirhams and cannot be pegged to other currencies.
This shift in policy may signal a less favorable environment for the crypto industry, which clearly won't benefit the UAE's image.
news courtesy @ crypto life #telegram
