jakiro
Source: Aiying Payment Compliance
The UAE Central Bank (CBUAE) has recently awarded AED StableCoinPreliminary approvalThat is, the principle approval marks an important step in becoming the company’s first regulatory Diram stabilized coin issuer.This approval has injected new impetus into the UAE’s digital currency sector and promoted the country to move towards the goal of the global encryption financial center.
This development has paved the road for future stable coins.According to the framework,Only Dram stable coins obtained by obtained permits can be used for paymentEssenceThis not only alleviates the concerns of paying restrictions on payment restrictions due to the Cryptocurrency Supervision framework released by the Bank of the UAE, but also paving the road for future stable coins.If you getComprehensive approval,AED Stablecoin’s AE Coin can be used as a local cryptocurrency transaction pair. It is used on the exchange and decentralized platforms, and merchants can also accept it as a payment method.
The core content of the payment token service bill
Through the Payment Token Services Regulation released by the UAE, the Emirates, provided a clear regulatory framework for companies that want to issue tokens that are linked to the legal currency.Aiying Aiying team conducted an in -depth analysis of the bill and sorted out the following important contents.
The “payment tokens” laid a comprehensive and clear foundation for the issuance and operation of digital assets and stable coins. The following is the core content of the bill:
-
Permission requirement
-
Who needs to obtain permission?Any company that wants to operate in the UAE and provides token services, whether it is a country or a foreign company, whether it is Payment token issues, Payment Token Conversion, tokens custody and transferTransfer) all need to obtain permission from the Emirates.This includes stable currency issuers linked to statutory currencies and other service providers related to payment tokens.
-
How to apply?Enterprises need to submit detailed application materials to the Emirates, including corporate structures, business plans, financial conditions, and compliance measures.The application process requires an enterprise to prove that they have the ability to maintain the stability of the tokens and protect consumers’ rights.Enterprises also need to pass the compliance review of anti -money laundering (AML) and anti -terrorism financing (CFT) to ensure the legitimacy of funds.
-
Reserve asset requirements
-
The key to reserve assets is to ensure that the value of stable currency is not affected by market volatility. The bill requires issuers to maintain sufficient reserve assets.This means that all stable currency in circulation must have legal currency or high liquid assets with equal value as support.
-
How to ensure stable value?The publisher needs to label its reserve assets every day (Mark-to-MARKET) to ensure that the market value of assets is equal to the facial value of the circulation.For enterprises that issue a variety of legal currencies, the bill requires them to set up an independent reserve asset pool for each token to ensure that the value of each token is independent and stable.
-
Data protection and consumer protection
-
Consumer protection measuresThe bill has detailed provisions of consumer protection to ensure that the payment tokens are responsible for the security security security of the payment to the payment to the customer.Enterprises must formulate strict security measures to prevent data leakage and fraud, and set up a transparent customer complaint mechanism.
-
Data protectionThe bill requires enterprises to abide by strict data protection policies, including data storage, backup and transmission.Enterprises need to ensure the security of customers’ personal information and financial data in the transaction process to prevent unauthorized access or data leakage.
-
Anti -Money Laundering (AML) and Anti -Terrorism financing (CFT) regulations
-
The bill puts strict requirements on anti -money laundering and counter -terrorism financing compliance.All payment token service providers must establish an effective AML/CFT policy, including verification (KYC) and monitoring suspicious transactions.
-
Compliance processEnterprises need special compliance officials to be responsible for AML/CFT affairs and regularly report to the central bank’s compliance.Enterprises also need to ensure that their operations meet the standards of global anti -money laundering and counter -terrorism financing.
In order to protect the stability of the market, the bill has set up strict restrictions on certain services.For example,It is forbidden to issue or promote algorithm stabilization currency and Privacy tokens in the UAE.In addition, the bill also limits some services related to the foreign currency to tokens to ensure that these services are proceeded only under the premise of compliance.
