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UAE: new regulations for stored value facilities and cryptoassets
Out-Law News | 14 Dec 2020 | 10:12 am | 3 min. read
Stored Value Facilities (SVFs)
The UAE Central Bank’s SVF Regulation (85 page / 1.9MB PDF), released in early November 2020, repeals and replaces the 2016 Regulatory Framework for Stored Values and Electronic Payment Systems (SVF Regulations). The new SVF Regulations substantially tighten up the existing regime and aim to ensure that all SVFs which are issued and operated in the UAE do so in a secure, sound and efficient manner.
Issuing and operating SVF in the UAE requires a prior license from the UAE Central Bank (CB) unless a firm is operating a single-purpose SVF. An example of a single-purpose SVF is a prepaid telephone card, which can only be used to pay for telephone services provided by the issuer. Marie Chowdhry, of Pinsent Masons, the law firm behind Out-Law, said: All other exclusions have been omitted from the regulations, meaning th