Alkaitoob Advocates and Legal Consultants
Leading Law Frim in Dubai
Alkaitoob Advocates & Legal Consultants is a leading law firm based in Dubai, UAE. We specialize in dispute resolution, civil, criminal, and commercial law across all seven emirates, with rights of audience in local courts and tribunals. Our dedicated team of legal consultants and skilled lawyers ensures effective representation and expert advice for a wide range of legal matters.
As a trusted law firm in Dubai, we offer comprehensive legal services, serving both individual and corporate clients. Our expertise in dispute resolution enables us to handle complex cases with proficiency and professionalism. Whether you require assistance in civil, criminal, or commercial matters, our team is well-equipped to navigate the legal landscape and provide strategic solutions tailored to your specific needs.
At Alkaitoob, we are committed to delivering exceptional legal services and building lasting relationships with our clients. Our strategic affiliations with prominent regional law firms enable us to extend our reach beyond the UAE and serve clients across the GCC and Middle East. As trusted advocates and legal consultants, we take pride in being the preferred choice for institutional and private investors worldwide seeking reliable legal representation and advice.
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UAE’s First-Ever Stablecoin Receives Final CBUAE License to Launch
AED Stablecoin LLC has received in-principal approval from the Central Bank of the UAE to launch its stable digital currency, AE Coin. This initiative marks the introduction of the UAE’s first dirham-backed stablecoin, in line with the country’s progressive vision and the UAE Digital Government Strategy 2025.
Fully backed by reserves in the UAE, AE Coin addresses cryptocurrency volatility and enhances trust in digital finance. The launch of AE Coin follows the CBUAE’s updated regulations on stablecoins.
With this full licensing, AE Coin officially becomes the first fully regulated, dirham-pegged stablecoin in the United Arab Emirates (“UAE“). This achievement positions AE Coin as a key player in the nation’s evolving cryptocurrency landscape and highlights the UAE’s progressive approach to fostering innovation in digital assets.
AE Coin - A Stable and Regulated Medium of Exchange
AE Coin stands out as a stable and reliable medium of exchange, fully backed by reserves held within the UAE. Each AE Coin maintains a 1:1 peg with the UAE’s Emirati Dirham (“AED “), mitigating the volatility commonly associated with cryptocurrencies.
AE Coin has received full approval under the CBUAE’s updated Payment Token Services Regulation, 2024. As mentioned in our previous article, “Securing Digital Finance: An Overview of the UAE’s Payment Token Services Regulation,” this framework establishes strict standards for AED-backed stablecoins. These include requirements for maintaining asset reserves, ensuring that capital requirements are met, and adhering to regulatory oversight.
Timeline for Approval
By 14 October 2024, the CBUAE had granted AE Coin in-principal approval. Two months later, on 11 December 2024, AE Coin received its full license to operate as an AED-backed stablecoin. This rapid approval process demonstrates that the CBUAE efficiently handles applications for stablecoins backed by AED.
This timeline shows that the regulatory approval process is quick and responsive for founders and businesses aiming to launch their AED-backed stablecoins. Now is an ideal time for those looking to enter this space to proceed.
How Al Kaitoob Advisors can Assist?
At Al Kaitoob Law Firm, we are a forward-thinking consulting, strategy, and law firm specializing in solutions for the financial services, gaming, Web3, and emerging tech sectors. With deep expertise in these industries, we provide tailored support to address their unique challenges.
Currently, we could help our clients navigate the CBUAE’s Payment Token Services Regulations and working closely with relevant regulators to guide them on launching an AED-backed stablecoin. We regularly engage with key regulators and major blockchain firms in the UAE to be updated with their development, growth and legal governance. We have built a reputation for excellence through frequent collaborations with regulators, funds, and technology incubators. Our deep understanding of the intricate regulatory landscapes and industry dynamics allows us to provide strategic guidance and innovative solutions that empower our clients to navigate complex challenges and seize emerging opportunities.