UAE to probe Banque Misr branches after US flags money laundering risks

August 31, 2026 3:09 PM

UAE to probe Banque Misr branches after US flags money laundering risks

UAE’s Central Bank has decided to conduct a special and urgent examination of Banque Misr branches in the Emirates, after the US Treasury flagged that they processed transactions potentially part of Iranian shadow banking networks. Under Operation Economic Outcast, the U.S. Department of the Treasury had proposed to revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions. This would effectively block US Dollar transactions for UAE Branches of Egypt’s second-...

UAE central bank approves first USD-backed stablecoin

January 30, 2026 2:16 PM

UAE central bank approves first USD-backed stablecoin

The Central Bank of the United Arab Emirates has approved the country’s first USD-backed stablecoin, marking a key step in the regulation of digital assets and payment tokens in the UAE. The USDU stablecoin has been approved under the central bank’s Payment Token Services Regulation. It is issued and managed by Universal Digital, a crypto firm regulated by the Financial Services Regulatory Authority of Abu Dhabi Global Market. The company said it has become the first foreign payment token...