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United Arab Emirates

Retail_Trading_Status

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2025-04-12 06:49
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Executive Summary

In the UAE, retail cryptocurrency trading is permitted but regulated by authorities like the SCA, VARA, DFSA, and FSRA depending on the jurisdiction. These regulators impose licensing, AML/KYC, and market conduct rules on VASPs. Key legislations include SCA Decision No. 23 of 2020 and Dubai Law No. 4 of 2022. A Dubai court ruling clarified that personal crypto trading does not require licensing.

Key Pillars

The regulatory framework is primarily driven by the Securities and Commodities Authority (SCA), Virtual Assets Regulatory Authority (VARA), Dubai Financial Services Authority (DFSA), and Financial Services Regulatory Authority (FSRA). The framework emphasizes compliance with AML/KYC regulations, including stringent customer due diligence. Licensing or registration is required for operating crypto exchanges, providing custody services, or engaging in other commercial crypto activities, but not for personal trading.

Landmark Laws

SCA Decision No. 23 of 2020 (Crypto Assets Activities Regulation or CAAR): Established a licensing regime for various crypto asset activities.
Federal Cabinet Decision No. 111 of 2022: Mandates that no person can engage in virtual asset activities in onshore UAE without approval and a license from the SCA or a relevant local licensing authority.
Dubai Law No. 4 of 2022: Established the Virtual Assets Regulatory Authority (VARA) in Dubai (excluding DIFC).

Considerations

Crypto assets are treated as assets subject to specific regulations. The UAE does not impose personal income tax on crypto trading gains, but businesses are subject to corporate tax. Regulators emphasize investor protection and have issued warnings about the risks of crypto investments. Operational challenges include the need to use licensed platforms and comply with AML/KYC requirements.

Notes

A Dubai Court of Cassation decision in November 2024 clarified that personal crypto trading does not require licensing. The CBUAE is exploring a Central Bank Digital Currency (CBDC), the "Digital Dirham". The DFSA's Crypto Token Regime was established in late 2022 and amended in June 2024. VAT on crypto transactions was reportedly eliminated as of October 2024. ADGM established one of the earliest comprehensive crypto asset regulatory frameworks in 2018.

Detailed Explanation

Retail cryptocurrency trading is permitted in the UAE but operates under a regulated framework. The Securities and Commodities Authority (SCA) is the primary federal regulator, with SCA Decision No. 23 of 2020 (the "Crypto Assets Activities Regulation" or CAAR) establishing a licensing regime for crypto asset activities, requiring licenses for exchanges, custodians, and fundraising platforms. Federal Cabinet Decision No. 111 of 2022 mandates licensing from the SCA or local authorities like VARA for virtual asset activities in onshore UAE. The Central Bank of the UAE (CBUAE) regulates "Payment Tokens" under its SVF and RPSCSR regulations and has approved AED-backed stablecoins. The CBUAE is also exploring a Central Bank Digital Currency (CBDC), the "Digital Dirham". In Dubai, excluding DIFC, the Virtual Assets Regulatory Authority (VARA), established by Dubai Law No. 4 of 2022, licenses and oversees VASPs, enforcing regulations on compliance, risk management, and market conduct. VARA permits licensees to serve retail clients but can restrict services based on risk. The Dubai Financial Services Authority (DFSA) regulates financial services within the DIFC, establishing a "Crypto Token Regime" in late 2022, allowing licensed firms to offer financial services involving Crypto Tokens, maintaining a list of "Recognised Crypto Tokens" and updated rules in June 2024 concerning funds, custody, and AML compliance including the FATF "Travel Rule." The Financial Services Regulatory Authority (FSRA) regulates virtual asset activities within the ADGM, having established a regulatory framework in 2018, covering spot virtual asset activities and recently introducing a framework for Fiat-Referenced Tokens (FRTs) or stablecoins. Personal trading is allowed without a license, but operating a crypto-related business requires licensing. Individuals are advised to use licensed platforms and comply with AML/KYC regulations under Federal Decree-Law No. 20 of 2018. Regulators emphasize investor protection through disclosure requirements and market conduct rules. The UAE does not impose personal income tax on crypto trading gains, but businesses are subject to a 9% corporate tax on profits over AED 375,000, and VAT on crypto transactions was reportedly eliminated as of October 2024. A Dubai Court of Cassation decision in November 2024 clarified that personal crypto trading does not require licensing, while commercial activities do.

Summary Points

## Retail Cryptocurrency Trading in the United Arab Emirates: Regulatory Overview

**I. Regulatory Status:**

*   **Allowed-Regulated:** Individual citizens and residents are generally permitted to buy, sell, and hold cryptocurrencies for personal investment.
*   **Licensing Required:** Commercial crypto activities (e.g., operating an exchange, providing brokerage services) require specific licensing.

**II. Key Regulatory Bodies and Their Roles:**

*   **Federal Level (Mainland UAE, excluding financial free zones):**
    *   **Securities and Commodities Authority (SCA):**
        *   Primary federal regulator for crypto assets.
        *   Establishes licensing regime for crypto asset activities (exchanges, custodians, fundraising platforms) via SCA Decision No. 23 of 2020 (CAAR).
        *   Distinguishes between qualified and non-qualified (retail) investors, with stricter requirements for offerings to retail investors.
        *   Federal Cabinet Decision No. 111 of 2022 mandates SCA or local authority approval for virtual asset activities in onshore UAE.
    *   **Central Bank of the UAE (CBUAE):**
        *   Regulates "Payment Tokens" (fiat-backed stablecoins) under SVF and RPSCSR regulations.
        *   Issues guidance for licensed financial institutions dealing with virtual assets and VASPs (AML/CFT due diligence).
        *   Approved issuance of AED-backed stablecoins for payments (excluding other digital assets like Bitcoin outside financial free zones).
        *   Exploring a Central Bank Digital Currency (CBDC), the "Digital Dirham."
*   **Dubai (excluding DIFC):**
    *   **Virtual Assets Regulatory Authority (VARA):**
        *   Dedicated regulator for virtual assets in Dubai (excluding DIFC).
        *   Licenses and oversees Virtual Asset Service Providers (VASPs).
        *   Activities requiring a VARA license: exchange services, brokerage, custody, lending/borrowing, payments/remittance.
        *   Issues comprehensive regulations covering compliance, risk management, technology, information security, and market conduct.
        *   Generally permits VARA licensees to serve retail clients (may restrict based on risk assessments).
        *   Enforces strict marketing regulations for virtual assets targeting consumers.
        *   Recent cooperation agreements aim to unify regulatory approach between SCA and VARA.
*   **Dubai International Financial Centre (DIFC):**
    *   **Dubai Financial Services Authority (DFSA):**
        *   Regulates financial services within the DIFC.
        *   Established a "Crypto Token Regime" in late 2022 for licensing firms involved in financial services using Crypto Tokens.
        *   Covers AML/CFT, consumer protection, technology governance, and custody risks.
        *   Maintains a list of "Recognised Crypto Tokens" (e.g., Bitcoin, Ethereum) for use by licensed firms.
        *   Specific rules for funds investing in crypto tokens; prohibits certain types like privacy tokens.
        *   June 2024 amendments refined rules around funds, custody, staking, and AML compliance (FATF "Travel Rule").
*   **Abu Dhabi Global Market (ADGM):**
    *   **Financial Services Regulatory Authority (FSRA):**
        *   Regulates virtual asset activities within the ADGM.
        *   Established a comprehensive crypto asset regulatory framework in 2018.
        *   Covers spot virtual asset activities: exchanges (regulated as Multilateral Trading Facilities), brokers, and custodians.
        *   Firms require a Financial Services Permission (FSP) from the FSRA.
        *   Permits activities only involving "Accepted Crypto Assets" meeting specific criteria.
        *   Robust requirements for market surveillance, AML/KYC, technology governance, and investor protection.
        *   Introduced a specific framework for Fiat-Referenced Tokens (FRTs) or stablecoins.

**III. Important Legislation and Regulations:**

*   **SCA Decision No. 23 of 2020 (Crypto Assets Activities Regulation - CAAR):** Establishes licensing regime for crypto asset activities.
*   **Federal Cabinet Decision No. 111 of 2022:** Requires SCA or local authority approval for virtual asset activities in onshore UAE.
*   **Dubai Law No. 4 of 2022 (Virtual Asset Law):** Established VARA in Dubai.
*   **CBUAE's Stored Value Facilities (SVF) Regulation and Retail Payment Services and Card Schemes Regulation (RPSCSR):** Regulates Payment Tokens (stablecoins).
*   **Federal Decree-Law No. 20 of 2018:** AML obligations, even for personal trading.

**IV. Requirements for Compliance:**

*   **Legality:** Personal trading is generally permitted without a license. Operating a business requires licensing.
*   **Platform Use:** Individuals are advised/potentially required to use licensed and regulated platforms (VASPs).
*   **AML/KYC:** Stringent Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) regulations, including Know Your Customer (KYC) procedures, apply to all VASPs.
*   **Investor Protection:** Regulators emphasize investor protection through disclosure requirements and market conduct rules. VARA's marketing rules aim to prevent misleading advertising.

**V. Notable Restrictions or Limitations:**

*   **Geographic Restrictions:** Regulatory frameworks vary across mainland UAE, Dubai (including VARA jurisdiction), DIFC, and ADGM.
*   **Payment Restrictions:** Outside financial free zones, digital assets like Bitcoin are not permitted for payment purposes.
*   **DFSA Restrictions:** The DFSA prohibits incentives likely to influence retail clients to trade crypto tokens.
*   **Qualified vs. Non-Qualified Investors:** SCA distinguishes between these, with stricter requirements for offerings to non-qualified (retail) investors.

**VI. Recent Developments or Changes:**

*   **CBUAE Approval of AED-Backed Stablecoins:** Permitting businesses to accept these for payments.
*   **DFSA Amendments to Crypto Token Regime (June 2024):** Refined rules around funds, custody, staking, and AML compliance (FATF "Travel Rule").
*   **VARA Cooperation Agreements:** Aim to unify regulatory approach between SCA and VARA.
*   **Elimination of VAT on Crypto Transactions:** Reportedly eliminated as of October 2024.
*   **Dubai Court of Cassation Ruling (November 2024):** Confirmed personal crypto trading does not require licensing.
*   **CBUAE Launch of Digital Dirham Strategy:** Exploring a Central Bank Digital Currency (CBDC).

Full Analysis Report

Report on the Current Status of Retail Cryptocurrency Trading in the United Arab Emirates

Topic: Retail_Trading_Status
Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

1. Status: Allowed-Regulated

2. Detailed Narrative Explanation:

Individual citizens and residents in the United Arab Emirates (UAE) are generally permitted to buy, sell, and hold cryptocurrencies for personal investment purposes. However, this activity is subject to a complex and evolving regulatory framework overseen by multiple authorities, depending on the location (mainland UAE vs. financial free zones) and the nature of the activity. Engaging in commercial crypto-related activities, such as operating an exchange or providing brokerage services, requires specific licensing.

Regulatory Landscape:

  • Federal Level (Mainland UAE, excluding financial free zones and Dubai):
    • The Securities and Commodities Authority (SCA) is the primary federal regulator for crypto assets. SCA Decision No. 23 of 2020 (the "Crypto Assets Activities Regulation" or CAAR) established a licensing regime for various crypto asset activities, including exchanges, custodians, and fundraising platforms. [2, 5, 27] Any entity involved in crypto asset financial activities must obtain an SCA license. [5, 27] The SCA distinguishes between qualified and non-qualified investors, with stricter requirements for offerings to non-qualified (retail) investors. [6] Federal Cabinet Decision No. 111 of 2022 further mandates that no person can engage in virtual asset activities in onshore UAE without approval and a license from the SCA or a relevant local licensing authority (like VARA in Dubai). [2, 29]
    • The Central Bank of the UAE (CBUAE) regulates "Payment Tokens" (like fiat-backed stablecoins) under its Stored Value Facilities (SVF) Regulation and Retail Payment Services and Card Schemes Regulation (RPSCSR). [2, 29] It has also issued guidance for licensed financial institutions dealing with virtual assets and VASPs, focusing on AML/CFT due diligence. [2] Recently, the CBUAE approved the issuance of AED-backed stablecoins, permitting businesses to accept these for payments, while excluding other digital assets like Bitcoin outside financial free zones for payment purposes. [21, 32] The CBUAE is also exploring a Central Bank Digital Currency (CBDC), the "Digital Dirham". [34]
  • Dubai (excluding DIFC):
    • The Virtual Assets Regulatory Authority (VARA), established by Dubai Law No. 4 of 2022, is the dedicated regulator for virtual assets in the Emirate of Dubai (excluding the DIFC free zone). [2, 30] VARA licenses and oversees Virtual Asset Service Providers (VASPs) operating within its jurisdiction. [30, 31] Activities requiring a VARA license include exchange services, brokerage, custody, lending/borrowing, and payments/remittance services involving virtual assets. [30] VARA has issued comprehensive regulations and rulebooks covering compliance, risk management, technology, information security, and market conduct. [30] VARA licensees are generally permitted to serve retail clients, although VARA can restrict services to qualified/institutional investors based on risk assessments. [17] VARA also enforces strict marketing regulations for virtual assets targeting consumers in the UAE. [26] Recent cooperation agreements aim to unify the regulatory approach between SCA and VARA. [12]
  • Dubai International Financial Centre (DIFC):
    • The Dubai Financial Services Authority (DFSA) regulates financial services within the DIFC. It established a "Crypto Token Regime" in late 2022, allowing firms to be licensed for financial services involving Crypto Tokens within the DIFC. [2, 7, 19] The regime covers risks like AML/CFT, consumer protection, technology governance, and custody. [19] The DFSA maintains a list of "Recognised Crypto Tokens" (e.g., Bitcoin, Ethereum) that can be used by licensed firms, with specific criteria for recognition. [7, 19] The DFSA has specific rules for funds investing in crypto tokens and prohibits certain types like privacy tokens. [2, 15] Recent amendments in June 2024 further refined rules around funds, custody, staking, and AML compliance, including applying the FATF "Travel Rule". [18, 24]
  • Abu Dhabi Global Market (ADGM):
    • The Financial Services Regulatory Authority (FSRA) regulates virtual asset activities within the ADGM. It established one of the earliest comprehensive crypto asset regulatory frameworks in 2018. [14, 20] The framework covers spot virtual asset activities, including exchanges (regulated as Multilateral Trading Facilities), brokers, and custodians. [10, 20] Firms require a Financial Services Permission (FSP) from the FSRA to operate. [4, 20] The FSRA permits activities only involving "Accepted Crypto Assets" meeting specific criteria. [10] It has robust requirements for market surveillance, AML/KYC, technology governance, and investor protection. [4, 20] Recently, the FSRA introduced a specific framework for Fiat-Referenced Tokens (FRTs) or stablecoins. [9, 14]

Key Requirements for Retail Trading:

  • Legality: Personal trading (buying/selling/holding for one's own account) is generally permitted and does not require a specific license. [8, 13] However, engaging in activities that constitute operating a business (e.g., acting as an intermediary) requires licensing. [8, 13]
  • Platform Use: Individuals are advised, and in some jurisdictions like Dubai (under VARA), potentially required, to use licensed and regulated platforms (VASPs) for trading to mitigate risks. [13] Numerous exchanges like Binance, BitOasis, and others have obtained licenses from VARA, SCA, FSRA, or DFSA. [2, 3]
  • AML/KYC: All VASPs operating legally in the UAE (whether mainland or free zones) are subject to stringent Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) regulations, including Know Your Customer (KYC) procedures. [3, 4, 27, 29, 31] This means individuals trading on these platforms must typically provide identification and potentially other verification details. [3] Even personal trading is subject to AML obligations under Federal Decree-Law No. 20 of 2018. [13]
  • Investor Protection: Regulators emphasize investor protection through disclosure requirements and market conduct rules imposed on licensed platforms. [5, 7, 20] VARA's marketing rules aim to prevent misleading advertising. [26] The DFSA prohibits incentives likely to influence retail clients to trade crypto tokens. [2]
  • Taxation: The UAE does not impose personal income tax, so individuals are generally not taxed on gains from personal crypto trading. [4] However, businesses involved in crypto activities are subject to corporate tax (9% on profits over AED 375,000). [4] VAT on crypto transactions was reportedly eliminated as of October 2024. [4] Note: Some sources mention potential capital gains tax and reporting requirements to the Federal Tax Authority (FTA), suggesting the tax situation might require careful consideration or professional advice. [22]

In summary, while retail cryptocurrency trading is allowed, it operates within a regulated environment. Individuals must use licensed platforms and comply with AML/KYC requirements. The regulatory landscape is actively developing across different jurisdictions within the UAE, aiming to foster innovation while ensuring market integrity and investor protection.

3. Relevant Excerpts:

  • Horizons & Co Law Firm (March 2025): "Although personal cryptocurrency trading is generally permitted in the UAE, certain activities can expose individuals and businesses to criminal liability... A landmark decision by the Dubai Court of Cassation in November 2024 established that personal crypto trading—where individuals buy and sell cryptocurrencies for their own accounts—does not require licensing. However, commercial activities such as operating a trading platform or providing financial services involving virtual assets must be regulated." [8]
  • KYC Hub (2025 Guide): "Yes, Crypto trading such as Bitcoin, Pi coin, and Ethereum are legal tender in Dubai [Note: This likely means legal to trade, not official legal tender]. The UAE Securities and Commodities Authority (SCA) and the Dubai Financial Services Authority (DFSA) regulate and control UAE crypto regulation... The companies that offer their services in the context of crypto UAE must adhere to strict AML and KYC processes. This ranges to the provision where the trader or the investor has to produce their identification details and financial standings when engaging in a cryptocurrency transaction..." [3]
  • Charles Russell Speechlys (August 2024): "Since the issuance of Federal Cabinet Decision No 111 of 2022 on the regulation of virtual assets and their service providers, no person has been permitted to engage in virtual asset activities in Onshore UAE without first obtaining approval and a licence from the SCA or a local licensing authority... From March 2022 onward, the Emirate of Dubai and the DIFC's DFSA have both taken significant steps towards regulating virtual currency. On 9 March 2022, Dubai Law No 4 of 2022 Concerning the Regulation of Virtual Assets (the Virtual Asset Law) established the (onshore) Dubai Virtual Asset Regulatory Authority (VARA)." [2]
  • Hacken.io (February 2025): "Notably, the UAE does not impose personal income tax, meaning individuals trading or holding cryptocurrencies are not subject to income tax on their crypto activities. For businesses engaged in crypto-related activities, a 9% corporate tax is applicable on profits exceeding AED 375,000... Value Added Tax (VAT) on crypto transactions has been eliminated in the UAE as of October 2024." [4]
  • VARA (via 10 Leaves): "Yes, a VARA (Virtual Assets Regulatory Authority) licensee can cater to retail customers. Virtual Asset Service Providers (VASPs) are permitted to offer services to retail clients once they have obtained the appropriate VARA license." [17]
  • DFSA (via WAM, June 2024): "The Dubai Financial Services Authority (DFSA) today announced some key amendments to its Crypto Token regime... These changes are based on recent market developments, recommendations from international standard-setters and the DFSA's supervisory experience... Ian Johnston, Chief Executive of the DFSA, said, “Our objective with the Crypto Token regime is to foster innovation in a responsible and transparent manner while ensuring we meet our regulatory objectives.”" [18]
  • ADGM Website: "ADGM is the first in the region to introduce a comprehensive regulatory framework for digital assets to foster new business models and investment choices, while providing for robust investor protection, transparent and efficient financial markets." [20]

4. Source Links:

  • [2] Charles Russell Speechlys (UAE Virtual Currency Regulation): https://www.charlesrussellspeechlys.com/en/insights/expert-guides/fintech/fintech-2024/in-depth-virtual-currency-regulation-united-arab-emirates/ (Note: Grounding link provided, specific page may vary)
  • [3] KYC Hub (UAE Crypto Regulation Guide): https://kychub.com/blog/cryptocurrency-regulations-in-the-uae/ (Note: Grounding link provided, specific page may vary)
  • [4] Hacken.io (UAE Crypto Regulation Explained): https://hacken.io/insights/uae-crypto-regulation-adgm-vara-compliance-explained/ (Note: Grounding link provided, specific page may vary)
  • [5] Legal 500 (Overview of UAE Cryptocurrency Rules): https://www.legal500.com/developments/thought-leadership/overview-of-uae-cryptocurrency-rules-fees-and-compliance/ (Note: Grounding link provided, specific page may vary)
  • [6] Galadari Law (Crypto Asset Regulation in UAE): https://www.galadarilaw.com/crypto-asset-regulation-in-the-united-arab-emirates/ (Note: Grounding link provided, specific page may vary)
  • [7] DFSA (Explainer on Crypto Token Regulation): https://www.dfsa.ae/news/dfsa-publishes-explainer-regulation-crypto-tokens (Note: Grounding link provided, specific page may vary)
  • [8] Horizons & Co Law Firm (Criminal Liability for Crypto Trading): https://horizonslaw.ae/latest-thinking/trading-with-cryptocurrency-and-criminal-liability-for-individuals-in-the-uae/ (Note: Grounding link provided, specific page may vary)
  • [9] Linklaters (ADGM FRT Framework): https://www.linklaters.com/en/insights/blogs/tech-insights/2024/december/digital-assets-in-the-abu-dhabi-global-market (Note: Grounding link provided, specific page may vary)
  • [10] Al Tamimi & Company (ADGM Crypto Regulation): https://www.tamimi.com/law-update-articles/regulation-of-crypto-assets-at-adgm/ (Note: Grounding link provided, specific page may vary)
  • [12] HKTDC Research (New UAE Crypto Framework): https://research.hktdc.com/en/article/MTY1OTg1NDQzNQ (Note: Grounding link provided, specific page may vary)
  • [13] Mondaq (Dubai Court Ruling on Crypto Trading): https://www.mondaq.com/fin-tech/1566381/trading-crypto-in-dubai-what-you-need-to-know-about-the-latest-court-ruling (Note: Grounding link provided, specific page may vary)
  • [14] Merkle Science (ADGM FRT Framework Analysis): https://www.merklescience.com/resource-hub/abu-dhabi-s-regulatory-framework-for-fiat-referenced-tokens (Note: Grounding link provided, specific page may vary)
  • [17] 10 Leaves (VARA License Guide): https://10leaves.ae/publications/vara-licenses (Note: Grounding link provided, specific page may vary)
  • [18] WAM (DFSA Crypto Regime Amendments): https://wam.ae/en/article/b2z15l7-dfsa-enhances-its-crypto-token-framework (Note: Grounding link provided, specific page may vary)
  • [19] DFSA (Explainer PDF via AWS): https://dfsa.ae/hubfs/DFSA%20Explainer%20-%20Regulation%20of%20Crypto%20Tokens.pdf (Note: Grounding link provided, specific page may vary)
  • [20] ADGM Website (Digital Assets): https://www.adgm.com/setting-up/digital-assets (Note: Grounding link provided, specific page may vary)
  • [21] Gulf Business (CBUAE Approves Stablecoin): https://gulfbusiness.com/uaes-newest-stablecoin-gets-nod-from-central-bank/ (Note: Grounding link provided, specific page may vary)
  • [26] Simmons & Simmons (VARA Marketing Regulations): https://www.simmons-simmons.com/en/publications/ckp6o1q8o15k80b31h8z2x6f4/dubai-s-vara-issues-new-crypto-marketing-regulations-and-guidance (Note: Grounding link provided, specific page may vary)
  • [27] Chambers and Partners (Overview of UAE Cryptocurrency Rules): https://chambers.com/content/item/overview-of-uae-cryptocurrency-rules-fees-and-compliance (Note: Grounding link provided, specific page may vary)
  • [29] FCS Compliance (UAE AML Regulations for VASPs): https://fcscompliance.com/aml-regulations-for-virtual-assets-service-providers-in-uae/ (Note: Grounding link provided, specific page may vary)
  • [30] Mayer Brown (VARA Regulations Overview): https://www.mayerbrown.com/en/perspectives-events/insights/2023/03/varas-new-regulations-for-virtual-assets-in-dubai (Note: Grounding link provided, specific page may vary)
  • [31] ComplyCube (UAE & Dubai Crypto Regulations): https://www.complycube.com/insights/uae-dubai-crypto-regulations (Note: Grounding link provided, specific page may vary)
  • [32] The Cryptonomist (CBUAE AED Stablecoin Approval): https://en.cryptonomist.ch/2024/10/14/uae-central-bank-approves-stablecoin-aed/ (Note: Grounding link provided, specific page may vary)
  • [34] CBUAE (Digital Dirham Strategy): https://www.centralbank.ae/media/announcements/cbuae-launches-the-central-bank-digital-currency-strategy-the-digital-dirham/ (Note: Grounding link provided, specific page may vary)

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