United Arab Emirates: Adopted Regulatory Framewoork For Stored Values and Electronic Payment Systems
Description
Adopted Regulatory Framewoork For Stored Values and Electronic Payment Systems
On 1 January 2017, the UAE Central Bank issued the "Regulatory Framewoork For Stored Values and Electronic Payment Systems". The framework regulates digital payment systems and introduces a licensing requirement with the Central Bank.
Scope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Operational license requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
central bank