According to Foresight News, the board of directors of the Central Bank of the United Arab Emirates (CBUAE) has approved the release of stablecoin supervision and licensing regulations. The regulations clarify the issuance, licensing and supervision of payment tokens backed by the UAE dirham (AED). UAE lawyers said that payment tokens must be backed by the UAE dirham (AED) and cannot be linked to other currencies, digital assets or algorithms. Merchants and service providers can only accept tokens backed by AED and cannot accept other virtual assets.