According to the company, the Dirham-pegged stablecoin will be fully backed by liquid UAE-based reserves, ensuring its stability and security. It aims to provide users with a seamless and cost-effective way to transact in the AED, both domestically and internationally. The token is expected to play a crucial role in streamlining trade, remittances, and reducing transaction fees within the UAE and beyond. The token's launch comes at a time when the UAE is rapidly embracing digital technologies and solidifying its position as a global financial center.
Dubai and Abu Dhabi have emerged as global hubs for innovation in crypto assets and blockchain technology, attracting numerous businesses and investors.
In other UAE crypto news , a recent landmark ruling by the Dubai Court of First Instance recognized crypto payments for salaries under employment contracts.
This decision marks a significant step towards the wider acceptance and integration of cryptocurrencies in the UAE. This move comes nearly two years after the crypto exchange was forced to shut down its staking services in the U.
Table of Contents. Dubai has released licensing and authorization requirements for virtual asset companies and issuers looking to operate in the emirate. Blockhead Blockhead. Blockhead Daily Digest.
