UAE central bank approves AEC Wallet to settle crypto directly into AE Coin, the country’s first regulated stablecoin

AED Stablecoin LLC, owned by Al Maryah Community Bank, announced a major milestone in its digital transformation journey as its “AEC Wallet” has received approval from the Central Bank of the United Arab Emirates to top up AE Coin through cryptocurrency settlement, in full compliance with the Central Bank’s payment regulations and applicable compliance requirements.

Pursuant to this approval, clients of Emirates Currency Investment Company, licensed by the Capital Market Authority (CMA) will be able to open accounts within the AEC Wallet and make payments in UAE Dirhams following direct cryptocurrency settlement.

The wallet enables users to settle their digital assets into UAE Dirhams and instantly credit AE Coin in a single step within the application. Customers can then use their AE Coin balance to purchase goods and services across all POS terminals available nationwide.

Commenting on the announcement, Mohammed Wassim Khayata, Chief Executive Officer of Al Maryah Community Bank, said:

“This achievement marks an important turning point in the UAE’s financial innovation journey. It enables AEC Wallet users to conduct digital payments using AE Coin securely and efficiently, in full alignment with the Central Bank of the UAE’s regulations. We are proud to be at the forefront of this development, supporting the digital transformation of payments in the country and validating the concept of dirham-denominated payments powered by blockchain technology.”

Ramez Rafeek, General Manager and Lead of the AE Coin ecosystem, added:

“The official approval for AEC Wallet, in partnership with Emirates Coin Investment LLC, to enable AE Coin top-ups through direct crypto settlement reflects our commitment to strengthening AE Coin’s position as the UAE’s first regulated stablecoin actively used in both government and private sector payments. This milestone expands AE Coin’s adoption and contributes to building a stronger and more inclusive digital financial infrastructure, aligned with the UAE’s vision for a world-class digital economy.”

This development reaffirms the commitment of Al Maryah Community Bank and AE Coin, through AEC Wallet, to delivering innovative and secure digital financial solutions, promoting the responsible use of regulated digital assets in line with local regulations, and supporting the continued growth of the UAE’s digital economy.