CoinWorld News reports that RAKBank has announced it has received a preliminary approval from the Central Bank of the United Arab Emirates (CBUAE) to issue a payment token backed by the UAE Dirham, preparing to join the rapidly growing stablecoin ecosystem in the UAE. The preliminary approval means that the Central Bank of the UAE has agreed to RAKBank's stablecoin plan, but it must meet final regulatory and operational conditions. The bank has obtained licensing and regulation from the Central Bank of the UAE and must fulfill these conditions before the official issuance.

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