ChainCatcher news, the stablecoin AE Coin, linked to Dirham, has received final approval from the Central Bank of the UAE. AE Coin will soon be issued through designated agents.Previous news, the first regulated stablecoin in the UAE, AE Coin, has received principle approval from the central bank.

ChainCatcher news, the Central Bank of the UAE (CBUAE) has in principle approved the AED stablecoin license, making the company the first fully regulated stablecoin issuer in the region pegged to the fiat dirham.This latest development falls under the newly established regulatory framework for payment token services by CBUAE and aligns with the UAE government's 2025 digital government strategy. Recently, the central bank released a licensing framework that prohibits the use of cryptocurrencies for payments, unless it involves licensed tokens pegged to the dirham.

ChainCatcher news, during the opening speech at the Invest in UAE Forum, Hong Kong's Under Secretary for Financial Services and the Treasury, Chen Haolian, stated that over the past year, Hong Kong and Dubai have continuously strengthened their partnership in the financial sector. Last year, a Hong Kong licensed insurtech company began a strategic collaboration with the oldest insurance company in the UAE, and their digital asset custody insurance has been approved by the Central Bank of the UAE to operate locally.In terms of cross-border payments, Chen Haolian pointed out that the Hong Kong Monetary Authority and the Central Bank of the UAE, along with three other central banks and the Bank for International Settlements Innovation Hub, are collaborating on a project called Multiple Central Bank Digital Currencies (mBridge) to explore the application of wholesale central bank digital currencies. The project completed its pilot phase in 2022, with 20 banks from four jurisdictions participating. This year, the project has reached the Minimum Viable Product (MVP) stage and will further expand participation from the public and private sectors.

ChainCatcher news, according to Cointelegraph, insurance provider OneDegree and a Dubai-based insurance company in the UAE jointly announced that they have begun offering digital asset custody risk insurance to clients in the UAE.The two companies have collaborated to launch a product called "OneInfinity," which has been approved by the Central Bank of the UAE. Custody risk insurance is part of the risk management strategies for custodians, exchanges, and other digital asset service providers. According to OneDegree, many global regulators require the provision of this product to offer protection to consumers.

ChainCatcher news, the board of the Central Bank of the United Arab Emirates (CBUAE) has approved the release of regulations for the licensing and regulation of stablecoins, which clarify the issuance, licensing, and regulation of payment tokens backed by the UAE Dirham (AED). UAE lawyers stated that payment tokens must be backed by the UAE Dirham (AED) and cannot be pegged to other currencies, digital assets, or algorithms. Merchants and service providers can only accept AED-backed tokens and cannot accept other virtual assets.

ChainCatcher news, according to a report by Reuters, the Central Bank of the UAE has issued anti-money laundering and counter-terrorism financing guidelines for virtual assets. The statement noted that the new guidelines discuss the due diligence required for licensed financial institutions when cooperating with virtual assets and virtual asset service providers.It is reported that the guidelines will take effect within a month and apply to banks, financial companies, exchanges, payment service providers, insurance companies, agents, and brokers. The Central Bank of the UAE stated that the guidelines take into account the standards of the Financial Action Task Force (FATF). (Source link)

ChainCatcher news, the Hong Kong Monetary Authority (HKMA) issued a press release stating that the Central Bank of the United Arab Emirates (UAE Central Bank) and the HKMA held a bilateral meeting in Abu Dhabi on May 29 (Abu Dhabi time) to strengthen cooperation in the financial services sector between the two regions. During the meeting, the UAE Central Bank and the HKMA discussed several cooperation plans and agreed to enhance collaboration in three main areas: financial infrastructure, interconnection of financial markets, and regulation and development of virtual assets. In addition, both parties facilitated discussions and knowledge sharing on cooperation plans for fintech development through their respective innovation hubs.The UAE Central Bank and the HKMA will jointly establish a working group to advance the agreed cooperation matters with the support of relevant stakeholders in the banking sectors of both regions. Banks attending the seminar included First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Industrial and Commercial Bank of China, Bank of China, HSBC, and Standard Chartered operating in the UAE, as well as Bank of China, Citigroup, HSBC, and Standard Chartered operating in Hong Kong. (Source link)