To combat illicit digital asset use, the United Arab Emirates released new guidelines that would help strengthen the region's financial system integrity, with an emphasis on compliance and heightened vigilance.
The central banks of the UAE and Hong Kong forge closer ties in regulating digital assets as part of their plans to improve the existing financial market and regional connectivity.
While other countries choose whether to focus on a retail CBDC instead of wholesale, the United Arab Emirates is seeking to focus its efforts on launching both types under its FIT program.
Apart from improving cross-border payments, CBUAE’s governor noted that the pilot was also targeted at enhancing the local financial sector in the Middle Eastern country.
