CryptoIntelligence 2024-06-30 02:25:45

New UAE Regulations Potentially Ban Crypto Payments, Lawyer Warns

Crypto and blockchain lawyer Irina Heaver believes the newly-released regulations in the United Arab Emirates (UAE) could effectively prohibit crypto payments in the country. On June 5, the Central Bank of the United Arab Emirates (CBUAE) board of directors discussed projects under the financial infrastructure (FIT) program, which aims to enhance digital transformation. During the meeting, the board approved regulations for payment token services, focusing on licensing stablecoins. The new guidelines stipulate that payment tokens in the UAE must be backed by UAE dirhams and cannot be tied to other currencies. Heaver told Cointelegraph that these rules essentially ban crypto

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