CBUAE Board of Directors Approves New System for Licensing Stablecoins

The Central Bank of the UAE (CBUAE) Board of Directors has approved a comprehensive system for licensing and overseeing stable cryptocurrencies.

This decision is part of a broader set of policies designed to support the banking and insurance sectors and enhance financial infrastructure services.

Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the CBUAE, presided over the board meeting held at Qasr Al Watan in Abu Dhabi. The Board reviewed the meeting agenda and assessed the progress of various projects and plans.

The Board discussed initiatives under the Financial Infrastructure Transformation Programme, which aims to foster innovation, boost digital transactions, and advance the UAE’s digital economy. Key projects include the development of a Central Bank Digital Currency, the Jaywan Domestic Card Scheme, and the Instant Payments Platform (Aani).

Additionally, the Board evaluated the latest updates on the implementation of memorandums of understanding between the CBUAE and other central banks. They also reviewed plans to enhance Emiratisation efforts and support UAE nationals, focusing on new Emiratisation policies for institutions within the banking, financial, and insurance sectors.

Sheikh Mansour praised the CBUAE Board and the bank’s initiatives for promoting innovation, digital transformation, and sustainability. He emphasized the importance of continuing these efforts to ensure monetary and financial stability and to fulfill the Central Bank’s objectives and vision for expanding the financial sector.

It is worth noting that during a recent closed roundtable hosted by UNLOCK Blockchain, conversation was the regulatory framework concerning stablecoins and cryptocurrencies in the UAE. Participants acknowledged the critical necessity for clear and comprehensive regulations to foster innovation, safeguard investor interests, and maintain financial stability.

The post CBUAE Board of Directors Approves New System for Licensing Stablecoins appeared first on UNLOCK Blockchain.