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United Arab Emirates: Licensing requirement in Retail Payment Services and Card Schemes Regulation

Progress

Current status
in force
15 Jul 2022 in force
15 Jul 2021 in grace period
15 Jun 2021 adopted

Scope

Implementers
United Arab Emirates
Policy Area
Authorisation, registration and licensing
Policy Instrument
Operational license requirement
Regulated Economic Activity
other service provider
Government Branch
executive
Government Body
central bank
Implementation Level
national

Timeline of events

15 Jul 2022
in force

Implemented Retail Payment Services and Card Schemes Regulation introducing licensing requirement

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 …

Source
Event type order
Action type implementation
Government branch executive
Government body central bank
15 Jul 2021
in grace period

Entry into force with grace period of Retail Payment Services and Card Schemes Regulation introducing licensing requirement

The Retail Payment Services and Card Schemes Regulation came into force on 15th July 2021, with a one-year grace period.. The Regulation is aiming to ensure safety and reliability for consumers regarding retail payments services and the operation of…

Source
Event type order
Action type in force with grace period
Government branch executive
Government body central bank
15 Jun 2021
adopted

Adopted Retail Payment Services and Card Schemes Regulation introducing licensing requirement

The Retail Payment Services and Card Schemes Regulation is adopted by the Central Bank of the United Arab Emirates ('CBUAE') on 15th June 2021. The Regulation is aiming to ensure safety and reliability for consumers regarding retail payments service…

Source
Event type order
Action type adoption
Government branch executive
Government body central bank