UAE's Regulatory Shift In Crypto Payments Sparks Concern

coin.gabbar (35)in #coingabbar • 16 days ago

UAE's New Law Threatens Digital Economy, Crypto Payment Ban Looms
New changes in the legislation of the United Arab Emirates (UAE) have caused concern among the enthusiasts of cryptocurrencies and experts in this sphere. Recently, rules have been introduced that may lead to the prohibition of cryptocurrency transactions within the nation, according to Irina Heaver, a well-known attorney in the field of blockchain and cryptocurrencies. Such changes might signal a decrease in the favorable environment for the emerging cryptocurrency market in the UAE, which has been rather liberal and investor-friendly so far.

What's the News?
On June 5, the Central Bank of the United Arab Emirates (CBUAE) made substantial moves to oversee the cryptocurrency industry. The board of directors deliberated on initiatives under the Financial Infrastructure Transformation (FIT) program, designed to boost digital transformation efforts in the country. A major decision was the endorsement of new rules for payment token services. These regulations mandate that payment tokens must be backed by UAE dirhams and prohibit linkage to other currencies.

16 days ago in #coingabbar by coin.gabbar (35)

$0.00