A New Era in Cryptocurrency Exchange in the UAE
A new era in cryptocurrency exchange has begun in the UAE, as Al Maryah Community Bank, known as Mbank, in collaboration with crypto custodian Changer.ae, has introduced a pioneering Dirham-based conversion service for digital currencies. This initiative was made possible after receiving approval from the UAE Central Bank to establish a fully regulated AED escrow account.
Service Overview
The service allows users to convert stablecoins like USDT and USDC into UAE’s national currency, the Dirham, utilizing Changer.ae’s platform. This collaboration aims to enhance the safety and compliance of transactions involving both digital assets and fiat currency.
Significance of the Partnership
“This partnership supports the secure exchange of Dirhams for cryptocurrencies,”
emphasized Mohammed Wassim Khayata, the CEO of Mbank and a board member of Changer.ae.
