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UAE Central Bank Approves Dirham-Backed Stablecoin DDSC for VARA-Regulated Exchanges

By

Terence Zimwara

2h ago· 2 min readenNews
technologyfinancecryptocurrencyregulation

Summary

The Central Bank of the UAE has granted a no-objection certificate to DDSC, a dirham-backed stablecoin, allowing it to list on cryptocurrency exchange platforms regulated by Dubai's Virtual Assets Regulatory Authority (VARA). The stablecoin was developed through a collaboration among International Holding Company (IHC), First Abu Dhabi Bank, and Sirius International Holding. This approval marks a significant step toward bringing a fiat-backed digital currency to consumers in the UAE under federal oversight.

Source

bskyUAE Central Bank Approves Dirham-Backed Stablecoin DDSC for VARA-Regulated Exchangesnews.bitcoin.com

Key quotes

· 3 pulled
The Central Bank of the UAE has granted a no-objection certificate to the dirham-backed stablecoin DDSC, allowing it to list on regulated exchange platforms.
The approval opens the door for DDSC to partner with exchange platforms regulated by Dubai's Virtual Assets Regulatory Authority (VARA).
Developed through a collaboration among International Holding Company (IHC), First Abu Dhabi Bank and Sirius International Holding, the stablecoin...
Snippet from the RSS feed
The UAE dirham-backed stablecoin DDSC has secured Central Bank of UAE approval to launch on VARA exchanges.

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