AEC Wallet holders in UAE can top up the AE Coin using crypto

AED Stablecoin LLC, wallet AEC Wallet, owned by Al Maryah Community Bank, has received approval from the Central Bank of UAE allowing Emirates Currency Investment Company clients to top up AE Coin, the AED stablecoin, using crypto, fully compliant with UAE Central Bank’s payment regulations and compliance requirements.

As such 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.

Mohammed Wassim Khayata, Chief Executive Officer of Al Maryah Community Bank, noted that this is a turning point in UAE’s financial innovation journey. He explained, ” 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 that the approval to allow clients of Emirates Coin Investment to use AEC Wallet to enable AE Coin top-ups through direct crypto settlement strengthens AE Coin’s position as the first regulated stablecoin in the country.

He further explains, ” AE Coin is 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.”