UAE lawyer Irina Heaver told Cointelegraph that the policy shift could signal a “less favorable environment” for crypto in the UAE.
On June 5, the board of directors of the Central Bank of the United Arab Emirates discussed projects under the country’s financial infrastructure program, an initiative to boost digital transformation.of payment token services regulations to oversee and license stablecoins. The new guidelines suggested that payment tokens in the country must be backed by UAE dirhams and cannot be linked to other currencies.Heaver told Cointelegraph that the new rules forbid crypto payments within the country.
“Historically, the UAE has thrived on foreign direct investment due to its liberal policies, including the absence of capital controls and the allowance for freedom of contract under the commercial law. This freedom enables the parties to agree on their transaction terms, including payment methods and currencies.”
“This policy shift could signal a less favorable environment for the crypto industry, which is not beneficial for the UAE’s image or its ambitions in the digital economy,” Heaver added.
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