Crypto: Uae Central Bank Says Financial System Stable Amid Missile And...

More than 1,800 crypto businesses operate in the UAE, with over 600 Web3 companies based in Dubai’s DMCC free zone.

The United Arab Emirates’ banking system remains fully operational despite escalating regional conflict between the US, Israel and Iran, the country’s central bank said, as authorities moved to reassure markets following missile and drone attacks on the country this week.

In a statement, Central Bank of the UAE Governor Khaled Mohamed Balama said banks, financial institutions and insurers “continue to operate with full efficiency and stability,” adding that the sector is showing “the highest levels of resilience and stability.”

The statement comes as the UAE’s role as a regional financial center and a growing hub for digital asset companies draws added attention to operational continuity during periods of geopolitical stress.

Regional tensions escalated after Iranian drone and missile attacks targeted the UAE and neighboring countries last weekend, according to an Associated Press report published on Monday.

Debris from intercepted projectiles reportedly caused fires and damage near several sites in Dubai, including infrastructure around Jebel Ali Port and Dubai International Airport.

Despite these developments, the central bank said the country’s financial sector maintains strong balance sheet indicators.

According to the statement, the UAE banking system’s capital adequacy ratio stands at about 17%, while the liquidity coverage ratio exceeds 146.6%, both above international regulatory thresholds.

Related: Bitcoin first, crypto at scale: Inside the UAE’s layered digital asset strategy

Balama said total assets in the UAE banking and financial sector exceed 5.42 trillion dirhams ($1.48 trillion). The regulator said it continues to coordinate with financial institutions and authorities to monitor developments and ensure operational readiness.

Source: CoinTelegraph