the Central Bank has said newly released e-payment regulations do not cover digital currencies and therefore virtual currencies are not banned. However, they are under review and new regulations will be "issued as appropriate." The original regulation contained the phrase “all virtual currencies [and transactions thereof] are prohibited,” which lawyers and investors took to mean a blanket ban.
The Central Bank of the UAE has said newly released e-payment regulations do not cover digital currencies and therefore virtual currencies are not banned. However, they are under review and new regulations will be "issued as appropriate." The original regulation contained the phrase “all virtual currencies [and transactions thereof] are prohibited,” which lawyers and investors took to mean a blanket ban.