Search results for UAE Central Bank
Crypto
Revolut receives in-principle approval for crypto services from UAE authorities
Revolut has received in-principle approval to provide cryptocurrency-related services in the United Arab Emirates. Cointelegraph reported that Dubai’s Virtual Assets Regulatory Authority approved Revolut in principle to offer broker-dealer, investment management and exchange services. Revolut said the approval builds on earlier authorisation for payment activities from the UAE central bank and provides a basis to expand its local crypto business. It plans to enable UAE users to buy, sell and hold digital assets through its app and the Revolut X exchange.
General News
Iran hints at circumventing payments in yuan and bitcoin, signs of cracks in petrodollar system
The petrodollar system is being shaken by the fallout from the U.S.-Iran war, with signs of cracks in the dollar-based structure for global oil trade. War risk in the Gulf has raised concern about dollar shortages, and UAE officials have discussed possible financial backstops with the United States. Iran is reported to have imposed yuan-denominated passage fees in the Strait of Hormuz and has also signalled possible use of bitcoin-based fees.
Crypto
Abu Dhabi firm launches first U.S. dollar stablecoin registered in UAE
Abu Dhabi Universal Digital has launched USDU, a U.S. dollar-based stablecoin after completing registration with the UAE central bank, Cointelegraph reported on Jan. 29. Cointelegraph said USDU is the first foreign payment token in the UAE to comply with the central bank’s payment token service rules and to be officially registered. The firm is under dual regulation and must meet standards for reserves, governance, disclosures and operational controls.