#AbuDhabiStablecoin The Central Bank of the United Arab Emirates (CBUAE) has granted preliminary approval to AED Stablecoin under its Payment Token Service Regulation framework, the company said in a press release.

The preliminary license approval for AED Stablecoin makes it a pioneer in the race to become the first issuer of a regulated stablecoin linked to the dirham in the United Arab Emirates.

The development alleviates concerns about potential restrictions on cryptocurrency payments, which arose following the recent publication by CBUAE of its licensing framework, which prohibits cryptocurrency payments unless they involve licensed dirham-linked tokens.