UAE money exchange company, Ferg ( Foreign Exchange and Remittance Group) CEO has stated that the company as well as other money xchanges will start to accept crypto after Central Bank regulations are out sometime at the end of 2023 or early 2024. 

Adeeb Ahamed, Vice Chairmen of Ferg and managing director of LuLu exchange stated, “We are constantly in conversation with the Central Bank and waiting for the regulations. The Central Bank understands the use case of cryptos – CDBC (central bank digital currency). Cryptos is something that has definitely been taken up by the world. It needs to be part of the payment ecosystem. We are very sure that with the regulations coming out by the Central Bank, we will also start accepting.”

Ahamed expects regulations around digital currency are likely to come out later this year or early next year.

These statements were made on the sidelines of Ferg’s Techno meet 23 in Dubai UAE.

Ahamed added that exchange houses could no longer be content by being traditional models of doing business. “In the fast era of digitalisation, it is very important that we find partners that make the journey of customers much easier.