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  • Part 1

    • Scope and Objectives

      This Regulation sets out:

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      		conditions for the grant and maintenance of a License or Registration for the provision of Payment Token Services;
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      		rights and obligations of Customers, Licensed Payment Token Service Providers, Registered Foreign Payment Token Issuers, Registered Foreign Payment Token Custodians and
       Transferors and Registered Payment Token Conversion Providers; and
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      		powers of the Central Bank including with regard to the licensing, registration and supervision of Licensed Payment Token Service Providers, Registered Foreign Payment Token Issuers, Registered Foreign Payment Token Custodians and Transferors and Registered Payment Token Conversion Providers, and on-going reporting requirements;
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      		limitations on certain services and the promotion of services relating to Foreign Payment Tokens, and on acceptance of such Foreign Payment Tokens as a Means of Payment; and
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      		a prohibition of the issuance, promotion and performance of certain services in relation to Algorithmic Stablecoins, Privacy Tokens or other Means of Payment which are not Dirham Payment Tokens or Foreign Payment Tokens.
       In exercising its powers and functions under this Regulation, the Central Bank has regard to the following objectives:
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      		ensuring the safety, soundness and efficiency of Payment Token Services;
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      		ensuring adequate protection and avoidance of misappropriation of the Reserve of Assets held by Payment Token Issuers;
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      		adoption of effective and risk-based licensing and registration requirements for Licensed Payment Token Service Providers, Registered Foreign Payment Token Issuers, Registered Foreign Payment Token Custodians and Transferors and Registered Payment Token Conversion Providers; and
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      		promoting consumer protection and innovation.

    • Exclusions

      This Regulation shall not apply to the following:

      1.Any activity for which the service provider is licensed by (or requires a license from) the Central Bank under the Retail Payment Services and Card Schemes Regulation or the Stored Value Facilities (SVF) Regulation;
      2.Any information technology security, operation of technology infrastructure, trust or privacy protection service not of itself constituting a Payment Token Service;
      3.Any service of providing or maintaining a communication network or Distributed Ledger Technology;
      4.Any service of providing and maintaining any terminal or device used for any Payment Token Service;
      5.Any Payment Token Transfers carried out within a payment system or securities settlement system between Licensed Payment Token Service Providers and settlement agents, central counterparties, clearing houses, central banks or other participants in such system including central securities depositories; or
      6.Payment Token Transfers and related services between a parent undertaking and its subsidiary or between subsidiaries of the same parent undertaking, without any intermediary intervention by a Licensed Payment Token Service Provider, Registered Foreign Payment Token Issuer, Registered Foreign Payment Token Custodian and Transferor or Registered Payment Token Conversion Provider other than an undertaking belonging to the same group.