The UAE Banks Federation (UBF) has recently formed a partnership with the Institute of Chartered Accountants in England and Wales (ICAEW) to assist companies in navigating the rapidly evolving digital assets domain. This initiative coincides with the UAE's pioneering pilot of Central Bank Digital Currencies (CBDCs), placing the nation at the vanguard of financial innovation.

CBDCs are the digital representations of a country's official currency, issued and regulated by the central bank. Moreover, they are designed to coexist with traditional physical currencies, providing a secure and efficient mode of digital transactions.

The UAE is one of only 36 countries worldwide currently piloting the implementation of CBDCs.