**UAE's Crypto Red Carpet: AED Stablecoin Gets Green Light! 🟢**

- The Central Bank of the UAE has given in-principle approval to AED Stablecoin under its Payment Token Service Regulation.

- AED Stablecoin is now leading the race to become the first regulated dirham-pegged stablecoin in the UAE.

- This move calms fears about crypto payment restrictions, allowing licensed dirham-pegged tokens.

- If fully approved, AE Coin could be used for local trading and merchant transactions.

- The framework favors cash-backed assets, barring algorithmic stablecoins and privacy tokens.

- Tether is also eyeing the UAE market with its own dirham-pegged stablecoin.

- Major players like OKX and M2 are expanding in the UAE, thanks to its crypto-friendly regulations.