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The one-year grace period of the Retail Payment Services and Card Schemes Regulation of the Central Bank of the Untied Arab Emirates ('CBUAE') ends on 15th July 2022. The Regulation is aiming to ensure safety and reliability for consumers regarding retail payments services and the operation of payment card schemes. The Regulation introduces a licensing requirement for payment service providers, who intend to provide one or more of nine payment services or payment card schemes in the UAE. Payment account issuance, payment instrument issuance, merchant acquiring, payment aggregation, domestic and cross-border fund transfers, payment tokens, payment initiation, as well as payment account information services are altogether affected by the new licensing regime.
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