Will UAE businesses no longer be able to accept cryptocurrencies as payment?

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MarkusCostigan

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Apr 23, 2022
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#1
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https://www.financierworldwide.com/assessing-the-uae-payment-token-services-regulation

"Merchants will have until July 2025 to obtain licences and stop accepting non-dirham stablecoins and other cryptocurrencies. However, it could be argued that until such time, businesses can continue accepting a wide array of cryptocurrencies as recognised forms of payment."

Does anyone know anything? Will it still be possible to use crypto payment processors (that accept crypto for you and send you FIAT)?
 
Reactions: ilke
#2
No, Payment Token Services Regulation only bans unlicensed stablecoins. Bitcoin/etc are fine.
 
#4
It seems like the UAE is trying to be the good kid in class with all their regulations, licenses, etc. But do they actually have a handle this time on how to issue a license and what needs to be done to get one, or is it like their corporate tax rules - mindless rule-makers who don’t know anything about anything?

I assume that if you’re a regular e-commerce business, you can accept stablecoins without needing a license?
 
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