🚨 Crypto Payment Ban in UAE?
UAE lawyer Irina Heaver warns that new regulations might ban crypto payments in the UAE. On June 5, the #centralbank '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.
💼🔗 Heaver argues that these rules prohibit using cryptocurrencies for goods and services unless they're licensed dirham #tokens or registered foreign tokens, which don’t yet exist. She highlights that this contradicts the UAE's pro-investment stance and could deter foreign investment.
🤷 Heaver stresses that Tether has been crucial for Web3 transactions, and these regulations might hinder the UAE’s digital economy ambitions.
