The Central Bank of the United Arab Emirates (CBUAE) has granted preliminary approval to AED Stablecoin under its Payment Token Service Regulation framework. This approval positions AED Stablecoin as a leading contender to be the first issuer of a regulated dirham-pegged stablecoin in the UAE. The move addresses concerns about potential restrictions on crypto payments following the CBUAE's licensing framework release, which limits crypto payments to licensed dirham-pegged tokens. If fully approved, AED Stablecoin's AE Coin could become a local trading pair for cryptocurrencies and be accepted by merchants. In a separate development, an FTX customer from California is suing hedge fund Olympus Peak for allegedly failing to provide additional recovery after selling his claims in the collapsed trading platform. Additionally, FTX investors have dropped a class-action lawsuit against law firm Sullivan & Cromwell related to FTX's fraud allegations. Read more AI-generated news on: https://app.chaingpt.org/news